Hong Kong - Hong Kong shares dropped by more than 5 per cent Thursday an investors dumped stocks following overnight losses on Wall Street and deepening gloom over the economy.

The blue-chip Hang Seng Index fell 717.74 points, or 5.15 per cent, to 13,221.35 points. Turnover was 51.7 billion Hong Kong dollars
(6.67 billion US dollars.)

The closing figures, which took the index to a two-week low, represented a marginal improvement on earlier in the day, when shares plunged by more than 6 per cent in the first minutes of trading.

Thursday's losses were led by shares in Hong Kong-listed Chinese firms which analysts say are being dumped by investors amid growing concerns over the state of China's economy.

The Hang Seng Index has slumped by more than a third since the end of September and has plunged almost 20,000 points from its peak of just below 32,000 points in October 2007. (dpa)