Hong Kong stocks end 3.37% lower

Special Report:Global Financial Crisis

HONG KONG, Jan. 7 (Chinese media) -- Hong Kong stocks reversed early gains and plunged 522.05 points, or 3.37 percent, to close at 14, 987.46 on Wednesday, breaching the psychological support at 15,000as investors locked in profits from the abrupt rally during the past sessions in the new year.

Turnover soared to 90.02 billion HK dollars (11.62 billion U.S. dollars) from Tuesday's 53.92 billion HK dollars (6.96 billion U.S. dollars) as major blue-chip companies were under huge selling pressure.

Bank of America's disposal of 5.62 billion shares of China Construction Bank, the country's third largest lender, spurred selling of China banks on concerns over their weakness.