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    Friday, November 27, 2009

    Hang Seng Index Slumps More Than 5% In Late Trade

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    By V. Phani Kumar
    MarketWatch Pulse
       

      HONG KONG -- Hong Kong stocks slumped more than 5% in late afternoon trading Friday as investors sold down shares across the board, with HSBC Holdings and Standard Chartered taking heavy losses on worries about their exposure to Dubai. The Hang Seng Index wasr recently down 5.1% at 21,083.21 and the Hang Seng China Enterprises Index gave up 5.6% to 12,416.29. Market heavyweight HSBC sank 8%, with Stanchart shares falling 7.9%. Gold miners and other resource stocks also tumbled on a pullback in metal prices.

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