Hong Kong - Hong Kong shares fell by almost 5 per cent Tuesday as enthusiasm over China's 600-billion-US-dollar economic stimulus package waned amid fresh fears over corporate results.

The blue-chip Hang Seng Index lost 703.73 points, or 4.77 per cent, to close at 14,040.9. Turnover was 54.3 billion Hong Kong dollars (7 billion US dollars).

A day earlier, the index jumped 3.52 per cent as markets around the region reacted positively to the announcement of the stimulus package in Beijing on Sunday.

However, overnight losses on Wall Street and renewed concerns about the potential for heavy corporate losses in the weeks and months ahead quickly dampened the optimism, analysts said.

Hong Kong stocks have lost more than 25 per cent of their value since late September and are among the region's hardest hit by the worldwide financial crisis. (dpa)