Hong Kong stocks snapped a nine-day winning streak on Friday as investors took a breather after the benchmark index scaled a fresh two-year peak in the previous session. The Hang Seng index shed 0.1 percent, or 34.12 points to 26,706.09, ending its longest streak of gains since April 2015. However, it rose 1.3 percent this week, its second week in the black.
Gains in telcos and industrial stocks were offset by losses in energy and financial shares. The Hang Seng China Enterprises Index, which tracks the performance of China companies listed in Hong Kong, was 0.6 percent, or 59.70 points, lower at 10,787.13. AAC Technologies, which closed at a record high on Thursday, was the biggest drag on the index with a sizable 12.1 percent loss. A near 11 percent ascent in Power Assets Holdings shares ensured that utilities took the honours for the best performing sector in percentage terms.
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