Hong Kong widened its losses before finishing the session down 2.3 percent Thursday on lingering concerns about weak corporate earnings and lack of clear support from the U.S. banking industry bailout plan.

It was a second day of poor performance for the benchmark Hang Seng Index, which ended down 310.91 percent at 13,228.3 after moving between 13,13,478.66 and 13,174.01.

Turnover totaled 39.64 billion HK dollars (5.08 billion U.S. dollars), even thinner than Wednesday's already modest 39.91 billion HK dollars (5.12 billion U.S. dollars).

The banking sub-index, like on the previous day, led the losses among the four major stock categories by shedding 547.83 points, or 2.77 percent, at 19,214.84. The commerce and industry issues trailed with a loss of 2.2 percent.

The properties sub-index was little better as it finished down 2.06 percent.

Cheung Kong, the business conglomerate headed by multi- billionaire Li Ka-shing, edged down 0.83 percent at 66.1 HK dollars, while SHK Properties, the leading residential developer in Hong Kong, tumbled 3.34 percent at 62.3 HK dollars.

Analysts said further downside risks were likely, as investors were expected to remain cautious ahead of the upcoming earnings season, with some tipping for 13,000 to be the next psychological support level for the Hang Seng Index.

Market heavyweight HSBC further shed 2.42 percent at 58.5 HK dollars, while its local unit Hang Seng Bank closed down 1.5 HK dollars, or 1.65 percent, at 89.45 HK dollars.

China Mobile, the telecommunications giant on the Chinese mainland, closed down 1.9 HK dollars, or 2.55 percent, at 72.6 HK dollars. Its competitor China Unicom was also off 2.37 percent at 7.42 HK dollars.

ICBC, the leading commercial lender on the mainland, finished the day down 0.11 HK dollars, or 3.08 percent, at 3.46 HK dollars. China Construction Bank tumbled 3.41 percent at 3.96 HK dollars and Bank of China was flat at 2.11 HK dollars.

BOC Hong Kong lost 2.2 percent to finish at 7.99 HK dollars.

China Life, the mainland insurance player, shed 0.7 HK dollars, or 3 percent, at 22.6 HK dollars, while Ping An was off 3.36 percent at 36 HK dollars.

Energy shares were also losers, with PetroChina down 3.44 percent, Sinopec down 3.41 percent and CNOOC 2.32 percent.

Shipping giant COSCO Pacific tumbled 7.04 percent, making it the biggest loser among the 42 blue chips, in spite of a surging BDI, the key industry indicator.

HKEx, the only stock exchange operator in Hong Kong, was down 1.85 HK dollars, or 2.72 percent, at 66.15 HK dollars. (7.8 HK dollars = 1 U.S. dollar)