Hong Kong stocks fall in early tradingOctober 31st, 2008 - 11:43 am ICT by IANS
Hong Kong, Oct 31 (DPA) Hong Kong stocks fell 3.7 percent in early trading Friday on profit taking after two days of double digit gains.The blue-chip Hang Seng index lost 525 points in the first hour after opening, dropping to 13,804 points.
Analysts blamed the fall on profit taking after three consecutive days of gains which has seen the index bounce back by 23 percent after recording one of its biggest day losses Monday.
This week has been one of the most volatile in the Hang Seng’s history.
On Monday, the index sank by 12.7 percent and then rebounded by 14.35 percent Tuesday and another 13 percent Thursday on the back of interest rate cuts by the US Federal Reserve.
The Hang Seng Index has lost almost two thirds of its value since October last year when it reached a peak of almost 32,000 points.