Reuters HK – Share prices were sharply lower at mid-morning, with the key index briefly slipping below the 12,000 level, on global recession fears and worries about hedge fund redemptions.

Dealers noted concerns that the Japanese yen’s surge against the US dollar will force more unwinding of positions by some funds as they seek to repay yen-denominated loans.

China banks were sharply lower after China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) reported disappointing third-quarter results.

Commodity firms slumped on ongoing worries that a global economic downturn will reduce demand for energy and raw materials.

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