Around the World's Markets: Hong Kong

STOCKS CLOSED sharply lower as falls in US markets overnight prompted funds to take profits. The Hang Seng Index closed down 457.39 points, or 2.81 per cent, at 15,825.31.

Analysts and traders said investors were unsettled by overnight falls in the Nasdaq and the Dow. "I don't think it [the market] has too much downside. I think it's just short-term profit-taking and consolidation," said Capital Securities (HK) research head Peggy Ho.