Hong Kong stocks down 3.45% by midday

Hong Kong stocks retreated 765.28 points, or 3.45 percent to finish Friday's morning session at 21,445.13, with financial stocks dramatically lower over the Dubai debt announcement.

HSBC, which accounts for the largest weighting of the benchmark Hang Seng Index, dived 5.95 percent by midday, contributing 206 points to the index fall.

Source: Xinhua