Hong Kong - Hong Kong shares plunged more than 7 per cent Thursday as delight over the US presidential election result turned to gloom over signs of a deepening global recession.

The blue-chip Hang Seng Index lost 1,050.12 points, or 7.08 per cent, to close at 13,790.04. Turnover was 48.25 billion Hong Kong dollars (6.22 billion US dollars).

The losses came 24 hours after the index surged by more than 3 per cent Wednesday afternoon on news of Barack Obama's win.

Analysts said Thursday's sharp falls were triggered by overnight losses on Wall Street, where relentlessly dire US economic data was indicating a prolonged and painful global recession.

Anxiety over US labour figures due to be released before the end of the week added to the sense of pessimism on local and regional stock markets, they said.

One of the biggest losers Thursday was Hong Kong's flagship airline Cathay Pacific, which saw its share price fall by more than 13 per cent after issuing a profit warning Wednesday evening. (dpa)