Hong Kong  - Hong Kong shares fell 2.37 per cent Monday as markets around the region were hit by flagging confidence and fears of a prolonged economic slump.

The Hang Seng Index fell 586.76 points to close at 24,127.31. Turnover was 76.68 billion Hong Kong dollars (9.83 billion US dollars).

Regional losses have been sharpened by rising oil prices, which led to falls on Wall Street Friday after Asia's markets closed, analysts said.

Hong Kong's dollar is pegged to the US greenback, making it especially sensitive to US economic developments. (dpa)