Hong Kong shares opened lower Tuesday to extend the previous day’s sharp losses as investors grow increasingly worried that decades-high inflation will force the Federal Reserve to hike interest rates quicker than initially thought.

The Hang Seng Index shed 1.35 percent, or 284.04 points, to 20,783.54.

The Shanghai Composite Index lost 0.96 percent, or 31.34 points, to 3,224.21, while the Shenzhen Composite Index on China’s second exchange fell 1.06 percent, or 22.11 points, to 2,063.00.