HK stocks dive on U.S. losses

Hong Kong's benchmark stock index fell sharply in early trade, following losses on U.S. stock markets which slid on increasing fears of global economic recession and declining corporate profits. At 10:53 a.m. (0253 GMT) , the benchmark Hang Seng Index sheded 2.34 percent at 9,334.48 points. Sentiment was weak after the Federal Reserve said in its "Beige Book" report that the U.S. economy remained sluggish even before the attacks on New York and Washington. In addition, investors are feared that the U.S. military retaliation will deepen global economic woes, analysts said.

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