Hong Kong - The benchmark Hang Seng Index dropped below 14,000 to close 3.55 per cent down at 13,760.49 Thursday after a roller-coaster trading session which saw the index fall more than 6 per cent in morning trade.

The index recovered to punch above 14,000 in early afternoon trade before the gains were lost and the index ended the day 506 points down.

Turnover was 56.46 billion Hong Kong dollars (7.23 billion US dollars).

Analysts said Hong Kong stocks were adversely affected by weak corporate earnings, with Chinese companies especially affected.

Hong Kong-listed Chinese banks, commodity companies and power producers were all hit as investors fled, although China Overseas Land soared 8.1 per cent to close at 9.20 Hong Kong dollars after it was chosen as the top pick of China's listed property investments. (dpa)