Hong Kong - Hong Kong stocks fell by 2.1 per cent Tuesday to their lowest level in a year on continued pessimism over slowing economic growth.

The Hang Seng Index closed at 20,884 - a fall of 446 points on the previous day's trading. Turnover was 48.8 billion Hong Kong dollars (6.1 billion US dollars).

Analysts attributed the fall to increased concerns over the effect of the credit crisis on corporate earnings.

Property stocks fared the worst with Cheung Kong dropping 4.3 per cent to close at 102 Hong Kong dollars ahead of its first half year results later this week.

Rival Sun Hung Kai Properties closed 4.6 per cent down at 103.8 dollars.

Hutchison Telecommunications dropped 2.8 per cent to close at 70.5 dollars. The company on Tuesday reported a 90 per cent fall in profits for the first half of the year, down from 70 billion Hong Kong dollars in same period in 2007 to 1.17 billion dollars in 2008, despite a 22 per cent increase in sales.

However, the company said last year's first half profits had been boosted by the sale of its Indian unit, Hutchison Essar. (dpa)