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Hong Kong opened lower, and losses accelerated in the afternoon due to weakness in Mainland and European markets. Very slow turnover reflected investor caution.

Several brokerages lowered predictions for Hong Kong economic growth, and Mainland markets posted sharp declines to help drive Hong Kong stocks lower after a two-day rally.

Europe's struggles with its debt crisis continue to pre-occupy Chinese stocks investors, while expected credit loosening in China offers a ray of hope. However, one analyst cautions that there is uncertainty surrounding Chinese economic growth.

A report that the IMF would lend 600 billion Euros to debt-plagued Italy helped push the Hong Kong market sharply higher, although turnover remained weak.

China and Hong Kong stocks slid lower as optimism cooled about a solution to Europe's debt crisis at the upcoming EU summit meeting. Very thin turnover reflected a lack of momentum.

China and Hong Kong stocks tumbled after the HSBC preliminary manufacturing PMI fell sharply to 48.0, indicating slowing growth in China. Resources stocks posted steep losses.