Hong Kong - Hong Kong shares dipped lower Thursday, losing more 3.3 per cent to a seven-week low on more worries over the worsening recession.

The blue-chip Hang Seng Index lost 461 points to end the day at 13,242.96. Turnover was a relatively low 49.3 billion Hong Kong dollars (6.32 billion US dollars.)

Losses were across the board but were led by global banking giant HSBC which fell a further 5.7 per cent to 66 Hong Kong dollars after a report by Morgan Stanley cut profit projections and warned that the lender would need 20 to 30 billion US dollars in fresh capital.

The Hang Seng has lost more then 10 per cent over the last week after staging a brief new year rally. (dpa)