Hong Kong shares end 2.4pc lower

Hong Kong shares tumbled 2.41 per cent on Thursday on fears US lawmakers will fail to reach a deal before year-end to avoid a “fiscal cliff” that could tip the economy back into recession.

The benchmark Hang Seng Index fell 532.94 points to 21,566.91 on turnover of HK$72.66 billion (US$9.38 billion). The fall is the index’s steepest since July 23 but comes after it enjoyed a 16 per cent rally since the start of September.

Eyes are also on Beijing where the Communist Party began a week-long congress to anoint the country’s next leaders.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1077909/hong-kong-shares-end-24pc-lower