Hong Kong stocks plunge at opening

Hong Kong, Oct 3: Hong Kong stocks plunged more than three per cent in early trade today (Oct 3) on new fears about the eurozone debt crisis after Greece said it would miss the deficit target set for it by the IMF and EU.

In the first minutes of trading the benchmark Hang Seng Index was down 533.02 points, or 3.03 per cent, at 17,059.39.

Athens yesterday said that Greece's budget deficit will hit 8.5 per cent of GDP in 2011, missing a 7.4-per cent target initially fixed as part of a bail-out agreement in June.

It will also miss its 2012 target, the government said.

AFP