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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hang Seng index plunges over 5 percent AP - 2 hours 22 minutes ago HONG KONG - Hong Kong's stock index plunged over 5 percent Thursday, tracking overnight weakness in Wall Street as uncertainty over the U.S. bailout plan made investors cautious. The blue chip Hang Seng index fell 717.74 points, or 5.15 percent, to 13,221.35. Investors dumped shares after the Dow Jones industrial average dropped 411.30 points, or 4.73 percent, to 8,282.66. Wall Street fell for the third straight session as investors were spooked by the U.S. government's decision that the $700 billion financial rescue package won't purchase troubled assets from banks as originally planned. "Investors are worried the global economy will continue to worsen because of the change of plan in the U.S.," said Ben Kwong, the chief operating officer at KGI Securities. "They are now waiting to see if the upcoming G20 meeting will be able to give a boost to the global economy," he added. Leaders from 20 major economies will meet this weekend in Washington, where they will discuss how to tackle the global financial crisis. Stocks across the board were lower. Hong Kong Exchanges & Clearing Ltd shed 7.9 percent to HK$66.6 after the city's bourse operator reported a second-straight decline in quarterly profit. Banking giant HSBC also lost 6.3 percent to HK$80.8. Bucking the downward trend, conglomerate Citic Pacific soared 9.2 percent to HK$6.62 after it has secured a US$1.5 billion bailout from its parent company to cover losses from bad currency bets. ___ On the Net: Stock Exchange of Hong Kong: http://www.hkex.com.hk Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China shares rise on optimism over stimulus planAP - 1 hour 20 minutes ago Europe, Asian markets down amid recession fearsAP - 1 hour 21 minutes ago Las Vegas Sands to fire up to 11,000 Macau workersAP - 1 hour 29 minutes ago LSE 1H profit up but cancels share buybackAP - 1 hour 37 minutes ago SABMiller says 1H profits rise, but demand slowsAP - 1 hour 38 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Germany in recession as US scraps toxic asset buy-up Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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