Hong Kong stocks sink almost 5 per cent to two-year low

Hong Kong - Shares in Hong Kong fell close to 5 per cent Thursday, plunging the index to a two-year low following the gloomy economic outlook painted by the US Federal Reserve.

The benchmark Hang Seng lost 912.22 points, or 4.85 per cent, to close the day at 17,911.95 points. Turnover was a brisk 82 billion Hong Kong dollars (10.5 billion US dollars).

The fall mirrored those across Asia as investors took flight amid disappointment over the US Federal Reserve's latest multi-million economic plan and its comments Wednesday that there was "significant downside risks to the economic outlook." 

Earlier Thursday, the chief executive of the Hong Kong Monetary Authority, Norman Chan, had warned of risks to property prices and the stock market.

Losses were registered across the board, with banks and mainland property and energy stocks being the big losers.//DPA