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HONG KONG, Jan. 10 -- Hong Kong shares plunged 329.34 points, or 1.66 percent, to close at 19,568.34 points Wednesday.

This is the third consecutive day for Hong Kong shares to move downward after strong bull run over the last month. Analysts here said that the market had come into correction phase, but will likely meet strong support at 19,500 points.

Turnover rose slightly to 64 billion HK dollars (8.2 billion U.S. dollars) from 62.7 billion HK dollars on Tuesday.

Blue chips continued their downfall. Heavyweight China Mobile dipped 1.5 percent to 65.45, HSBC down 0.99 percent to 140.1, Hutchison down 0.88 percent to 78.6 percent.

Property plays met profit-taking after Tuesday's rally. Cheung Kong slipped 3.6 percent to 98 HK dollars. New World plunged 5.5 percent to 16.54 HK dollars. Henderson Land fell 3 percent to 46.35 HK dollars.

Telcos were also lower, with China Unicom and China Netcom sinking 5.7 percent to 10.32 HK dollars and 19.32 HK dollars, respectively

China stocks were pressed lower, with H-share index ending down 318 points at 9,649, off its intra-day low of 9,617. China Life tumbled 6.8 percent to 23.85, despite its A shares soared to record high. (One U.S. dollar equals 7.79 HK dollars).

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