Paris - Following big losses on Asian markets overnight and a weak performance on Wall Street, French shares closed sharply lower on Wednesday.

The Paris Bourse's benchmark CAC 40 ended the session down 5.1 per cent, to 3,298.18, with only one of its 40 listed stocks gaining ground.

Drinks giant Pernod Ricard led the declining issues, giving up 13.62 per cent, to 42.26 euros.

Industrials were the hardest-hit sector, with transport manufacturer Alstom losing 12.84 per cent, to 38.60 euros, and steel-makers ArcelorMittal and Vallourec off by 10.06 and 9.81 per cent to, respectively, 19.26 euros and 79.45 euros.

Paris - Following big losses on Asian markets overnight and a weak opening on Wall Street, French shares were sharply lower on Wednesday.

In mid-afternoon trading, the Paris Bourse's benchmark CAC 40 was down 3.96 per cent, to 3,337.87, with only two of its 40 listed stocks gaining ground.

Industrials were the hardest-hit, with steel-makers Vallourec and ArcelorMittal off by 9.5 and 7.4 per cent, respectively, and transport manufacturer Alstom losing 9.3 per cent.

Vienna  - The Vienna Stock Exchange AG is expanding its reach in Central and Eastern Europe, as it has agreed to take over a majority of the Prague Stock Exchange.

"We agreed on the general terms of sale," Beatrix Exinger, spokeswoman of the Vienna bourse, was quoted by Austrian news agency APA on Wednesday.

The Prague stock exchange is valued at between 200 million and 400 million euros (268 million to 537 million dollars), but Exinger said the sale price was still to be negotiated.

Vienna could take over up to 90 per cent of the Prague exchange, according to Czech media reports.

Hong Kong - The benchmark Hang Seng Index to fall 5.15 per cent on Wednesday to close at 14,266.6 points, or 774.57 points down on the day.

Turnover was 54 billion Hong Kong dollars (6.92 billion dollars).

The index crashed 6.5 per cent to 14,038.41 points, its lowest level since July 2005, before recovering slightly before the close.

Concerns about corporate profits came after several companies, including China's Huaneng Power International, Jiangxi Copper and Singamas Container (Holdings) warned they faced tougher times ahead.