Hong Kong - Hong Kong stocks fell by more than 3 per cent Wednesday, dropping back below the 15,000-point mark for the first time this year.

The blue-chip Hang Seng Index fell by 522.05 points, or 3.37 per cent, to close at 14,987.46. Turnover was 90 billion Hong Kong dollars (11.6 billion US dollars).

The index fell heavily in afternoon trading after earlier selling off of stocks in China banks and profit-taking on Hong Kong-listed Chinese telecom stocks.

Wednesday's losses wiped out much of the gains made within the past week. Hong Kong stocks rose strongly in the first two trading days of 2009 on Friday and Monday. (dpa)