Hong Kong stocks finish nearly 3% down at midday

HONG KONG, Dec. 23 (Chinese media) -- Hong Kong's benchmark Hang Seng Index went down 411.71 points or 2.82 percent to finish Tuesday's morning session at 14210.68.

The benchmark Hang Seng Index opened 150.36 points lower, or 1.03 percent down, at 14,472.03 on Tuesday although Chinese shares are expected to be supported on the central bank's cut on loan and deposit rates by 0.27 percentage points. The index extended losses to over 3 percent and once fell to the low of 14,133.82 around 11:00 a.m. Hong Kong time (0300GMT).

The rate cut, announced Monday and effective Tuesday, was the fifth time the People's Bank of China has cut rates since September this year, the latest move to buoy the economy.