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Hong Kong shares sank 7.2 percent to a nearly three-year low on Friday, mirroring sell-offs in markets across the globe as investors worried about the risks of a global recession. The main index dropped 16.3 percent, or more than 2,800 points, in its worst weekly percentage drop since the market meltdown of January 1998.
"It's not about valuations, it's not about fundamentals, it's only about sentiment. And for as long as the sentiment is this weak, we will continue to fall," said Andrew Sullivan, sales trader with Main First Securities. The benchmark Hang Seng Index dropped 1,146.37 points to 14,796.87 after earlier falling to 14,398.54, its lowest since November 2005.
The index plunged 9.7 percent in the afternoon after major European indexes tumbled 10 percent in early trade. Mainboard turnover stayed slim at HK$69.4 billion but higher than Thursday's HK$60.9 billion. The main index has shaved off more than half its value since it hit a peak of 31,958.41 in October 2007, piggybacking on China's resurgent economy and financial markets.
Only 34 of the 1,088 traded issues rose on Friday, while the Hang Seng Index and China Enterprises Index were awash with red tickers, with some of the world's largest stocks piling up double digit losses. The China Enterprises Index of top locally listed mainland Chinese companies shed 7.9 percent at 7,135.80. Asia's largest oil & gas producer, PetroChina dropped 5.8 percent while offshore oil specialist CNOOC tumbled 9.2 percent.
Coal miner China Shenhua Energy shrank 9.3 percent to HK$13.60, joining the rout in the commodity stocks despite a Citigroup upgrade on the stock. The brokerage revised its rating on the stock to buy from sell with a target price of HK$19.3.

Copyright Reuters, 2008

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