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Buffalo stocks fell this week to the lowest level since June 1997, led by General Motors Corp. and British bank HSBC Holdings Plc.

The Buffalo Bloomberg Stock Index plunged 24.47, or 13 percent, to 162.43 this week. Forty-eight stocks in the index fell, one stock rose and one was unchanged. The index has declined 16.3 percent this year.

General Motors led the Buffalo index lower for the week, falling $11.33, or 22 percent, to $40.25. The automaker offered no-interest financing on all U.S. new cars and trucks as it seeks ways to boost sales.

Ford Motor Co. fell $4.06 to $15.34 this week.

HSBC Holdings, a London-based bank, declined $11.45, or 20 percent, to $44.75. The bank owned a branch on the ground floor in one of the World Trade Center towers and had another outlet one block away from the complex destroyed last week.

One stock rose this week, Servotronics Inc., a maker of consumer products, that includes cutlery for commercial airliners and restaurants, which climbed $1.66 to $5.98.

The Buffalo Bloomberg Stock Index, an employee-weighted list of 50 companies with operations in the region, was developed with a base value of 100 as of Dec. 30, 1994. The index set a 52-week high of 208.54 on May 22, and a 52-week low today of 160.86.

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