Stocks slump despite regulators' efforts

Hong Kong shares dropped 5 percent yesterday to close below 17000 points for the first time in more than two years, as China stocks sank despite fresh attempts by regulators to prop up the mainland market.

The decline gathered force in the afternoon session as investors were on their guard ahead of Today's holiday in Hong Kong.

"There are no rules in this market, just a whole lot of uncertainty, which makes it difficult to predict where the decline will stop," said Howard Gorges, vice-chairman with South China Brokerages.