Hong Kong - Hong Kong shares fell 4.4 per cent Friday on their third-consecutive day of heavy losses triggered by growing fears of a prolonged global recession.

The blue-chip Hang Seng Index lost 676.31 points to end the day at 14,554.21, one of its lowest levels in three years. Turnover was
59.3 billion Hong Kong dollars (7.64 billion US dollars).

Friday's losses followed 5-per-cent falls Wednesday and Thursday, stripping away gains made early in the week when bank guarantee schemes were announced worldwide.

Analysts have warned Hong Kong investors to brace for further losses early next week as optimism fades over the chances of rescue packages preventing a long and painful global economic slump. (dpa)