HONG KONG AP Most Asian stock markets opened sharply lower Tuesday following Wall Street's lead with Hong Kong share prices diving for the third straight day of losses. Hong Kong's key Hang Seng Index had plummeted 3.8 percent at midday as the market digested a host of negative economic data and Wall Street's fall. The Hang Seng the market's key indicator of blue chips dipped below the psychological level of 10000 points before reversing some of those losses to end the morning session at 10007.98 down 394.34 points. The market reacted to Wall Street's fall and concerns about Hong Kong's economy said Michael Ng dealing director at Sassoon Securities. The Dow Jones industrial average which touched a record high a week ago fell 216.53 points or 2.3 percent to end at 9116.55 Monday. Hong Kong's gross domestic product fell by 7 percent in the third quarter prompting the government to lower its economic forecast a 5 percent contraction for 1998. Since the news was announced Friday the market has shed 6.8 percent. Late Monday the government reported its budget deficit for the first seven months of the fiscal year had reached 50.16 billion Hong Kong dollar U.S. dlrs 6.43 billion well above the 21 billion Hong Kong dollar dlrs 2.69 billion deficit the government estimated for the fiscal year that ends March 31 1999. Market participants also said the Hang Seng index's plunge was a natural correction as investors cashed in after sharp gains over the past two months. In Tokyo the Nikkei average of 225 selected issues was up 4.33 points at 14888.03 in early afternoon trade. It shed 100 points earlier in the day following Wall Street and news that a financially troubled contractor had filed for legal protection from creditors. Singapore share prices were sharply lower midday with the benchmark Straits Times Index down 45.77 points or 3.2 percent to 1370.78. Other Asian markets opened lower taking cue from Wall Street Hong Kong and Singapore traders said. APW19981201.0807.txt.body.html APW19981201.1404.txt.body.html