Hong Kong shares plunge by 8 per cent in early trading Friday
Hong Kong stocks plunged by 8 per cent to below 15,000 points in early trading Friday as fears over a global economic meltdown heightened, dpa reported.
After the first half hour of trading Friday morning, the blue-chip Hang Seng Index was down 7.97 per cent, or 1,270.29 points at 14,672.95 points. It was earlier down more than 8 per cent.
The sell-off followed a minor rally in stock prices Thursday when the Hang Seng Index rebounded by more than 3 per cent following successive interest rate cuts.
Stocks in Hong Kong have been among the hardest hit in the region, losing more than 20 per cent of their value since September 22 and more than half their value since October 2007.