Hong Kong shares tumble 4.75% by break

Updated at: 1040 PST, Friday, August 05, 2011
HONG KONG: Hong Kong shares dived 4.75 percent on Friday morning amid a worldwide sell-off on concerns that the global economy could fall back into recession.

The benchmark Hang Seng Index tumbled 1,040.15 points to end the session at 20,844.59 on turnover of HK$62.40 billion ($8.00 billion).

Markets around the world have suffered some of their worst losses since the global financial crisis as the stuttering US economy and growing worries about eurozone sovereign debt sent investors running from riskier assets.

Sentiment was weakened by a poor jobs report from the United States and comments from European Commission chief Jose Manuel Barroso admitting debt contagion has now spread beyond the euro periphery.