Hong Kong shares fall by more than 5 per cent in early trading

Business Materials 20 November 2008 06:49 (UTC +04:00)

Hong Kong stocks opened more than 5 per cent lower Thursday, joining a regional downward spiral in share prices following heavy overnight losses on Wall Street, dpa reported.

The blue-chip Hang Seng Index was down 690.71 points, or 5.39 per cent, in the first 10 minutes of trading Thursday, leaving the index at 12,125.09.

The losses come after the Dow Jones Index in the US fell 5 per cent overnight to close below 8,000 points, triggering falls in Asian markets including Australia, Japan and South Korea.

Hong Kong share prices have fallen by almost 40 per cent since dropping through the 20,000 barrier at the end of September.