( dpa )- Hong Kong stocks plummeted another 7.7 per cent in morning trading Tuesday amid global fears that the United States is heading for a much deeper recession than the one seven years ago.
The Hang Seng index continued its downward spiral dropping another 1,835 points to reach 21,983 midday . Trading was 79.3 billion Hong Kong dollars (10.15 billion US dollars).
This comes after heavy falls on Monday and Friday when the index dropped more than 5 per cent on each day, recording its biggest percentage falls since the 2001 terrorists attacks in the US.
The benchmark index has slumped more than 30 per cent since reaching a record high of over 31,000 on October 30, 2007.
Analysts said the Hang Seng Index along with other Asian markets is being driven down by fears that the United States is dragging the world into recession.