Hong Kong stocks closed down 0.91 percent on Friday, despite the release of official figures showing Chinese manufacturing activity rose to a 27-month high in July. The benchmark Hang Seng Index fell 224.42 points to 24,532.43 on turnover of HK$79.90 billion (US $10.31 billion). There were drops across the Asian markets after the Dow posted its biggest single sell-off since February on weak eurozone data and as news of Argentina's debt default shook the market.
French bank Credit Agricole said investors were also awaiting the release of the July US labour market report for clues about the state of the world's biggest economy
In Hong Kong, Internet giant Tencent edged down 0.16 percent to HK$128.2, China Mobile lost 0.70 percent to HK$85.3, and HSBC shed 0.90 percent to HK$82.7, while property developer Cheung Kong slumped 4.71 percent to HK$143.6.
In China, the benchmark Shanghai Composite Index fell 0.74 percent, or 16.26 points, to 2,185.30 on turnover of 151.9 billion yuan ($24.6 billion). The index gained 2.76 percent for the week.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.01 percent, or 11.72 points, to 1,148.29 on turnover of 161.0 billion yuan. It jumped 3.31 percent over the week.
China's official purchasing managers index (PMI) hit 51.7 last month, the government said Friday, up from 51.0 in June and its best showing since 53.3 in April 2012.
"The PMI figure was no surprise and the market had already priced in expectations of an economic recovery in previous sessions," Zheshang Securities analyst Zhang Yanbing told AFP.
In Shanghai, heavyweight financial shares and metal companies were among the hardest hit by profit-taking. Sinolink Securities lost 3.71 percent to 21.79 yuan and Bank of Communications fell 2.83 percent to 4.47 yuan. Gold producer Zhongjin Gold tumbled 4.12 percent to 8.38 yuan while Zhuzhou Smelter Group sank 4.07 percent to 9.19 yuan.
Antibiotic maker Shandong Lukang Pharma surged by its 10 percent daily limit to 6.15 yuan in Shanghai while Da An Gene, which produces virus detection equipment, shot up 8.78 percent to 22.06 yuan in Shenzhen.
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