Business

Editor: Bruce Meng
10 Oct 2008 09:44:30 GMT

HONG KONG, Oct 10 – Hong Kong shares sank 8 percent to a nearly three-year low on Friday, mirroring devastating sell-offs in markets across the globe as investors worried about the risks of a global recession.

The main index dropped more than 17 percent, or 300 points, in its worst weekly percentage drop since the market meltdown of 1997.

The benchmark Hang Seng Index <.HSI> unofficially closed down 1267.43 points at 14,675.81, its lowest close since November 2005.

The China Enterprises Index <.HSCE> of top locally listed mainland Chinese companies plunged 9.1 percent to end at 7,042.20.