Share prices closed lower in erratic trade, with heavyweight HSBC and local property developers pressuring the key index amid growing worries about the economy and corporate earnings.
Select China stocks including China Mobile and China Life recovered after a stronger finish in Shanghai, where investors continued to pin hopes on the benefits from Beijing's stimulus measures.
Local property firms slumped as investors braced for weak third-quarter GDP data in Hong Kong after the city's financial chief warned that the global financial crisis has taken a toll on the economy.
Dwindled property transactions, as local banks became more selective in approving mortgage loans, also weighed on the sector.
Hong Kong will report third-quarter data on Friday, with the economy expected to show significant slowdown from the 4.2 pct expansion recorded in the second quarter.
Hutchison Telecom jumped over 11 pct after it declared special dividend of 7 hkd per share.
HSBC extended yesterday's 4.6 pct slide on worries over its US bad debt charges and uncertain growth prospects in emerging markets, which prompted a target price cut by Credit Suisse.
The Hang Seng index closed down 101.81 points or 0.73 pct at 13,939.09, off a low of 13,626.31 and high of 14,256.06.
Turnover was 47.24 bln hkd.
The property sector index was down 554.54 points or 3.37 pct at 15,887.33.
HSBC was down 1.75 hkd or 1.99 pct at 86.25, while Hutchison Telecom was up 1.0 hkd or 11.36 pct at 9.8. (1 usd = 7.8 hkd)
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