THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DEBORAH MARCHINI, CNN ANCHOR: Stocks in Hong Kong hit their lowest level in more than two years. For more, we're joined by Lian Pek live from Hong Kong. What gives, Lian?</s>LIAN PEK, CNN CORRESPONDENT: Well, Deborah, China plays were among the main reasons for Tuesday's fall and the Hang Seng's stocks diving for the second straight day, on fears that the Chinese government probe into illegal subtrading. Those fears spilled over into Hong Kong where both China Unicom and China Mobile fell nearly 3 percent each, pulling the Hang Seng index to 26-month lows. Semiconductor stocks were also under pressure after Wall Street analysts lowered their profit forecast for leading chipmaker Intel. Chinese PC maker Legend Holdings stumbling more than 6 percent, but some strength in the banking sector helped to keep the index above the 12000 level. The largest stock by capitalization, HSBC Bank, rose 1/2 a percent after reporting better-than-expected quarterly results late yesterday. Mixed reviews from the brokerage community tempering some of its rally. Merrill Lynch lowering its intermediate term rating to a neutral while UBS raised its price target but kept its stock at a buy. And in Tokyo, banking stocks were the culprit for early loses. In the Nikkei, a sector downgrade by ratings agency Fitch sending those stocks into the red; however, a rally after the lunch break sparked a dramatic turnaround in chip stocks as investors shrugged off those Intel downgrades. Chip giants such as Hitachi and Toshiba picked up more than 2 percent each helping the Nikkei close up more than 1/2 a percent. And that's the business day here in Asia. Back to you, Deb, in New York.</s>MARCHINI: All right. Thank you, Lian. Lian Pek in our Hong Kong bureau. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Hong Kong Stocks Hit Lowest Level in Two Years