Hong Kong - Hong Kong shares fell by almost 5 per cent Wednesday as a rebound triggered by optimism over the global bank bail-outs began to fizzle out.

The Hang Seng Index lost 834.58 points, or 4.96 per cent, to end the day back below the 16,000 barrier at 15,998.3. Turnover was 52 billion Hong Kong dollars (6.7 billion US dollars).

The heavy losses ended two consecutive days of gains on the blue-chip index which rallied by 3 per cent Tuesday and more than 10 per cent Monday.

Analysts warned ahead of Wednesday's losses that the apparently bright start to the week amounted to a technical rebound only and that a prolonged rally was unlikely.

Hong Kong stocks have been hit hard by the global downturn, losing more than 20 per cent of their value in the past three weeks and 50 per cent since their peak of almost 32,000 points last October. (dpa)