Hong Kong shares sank 1.90 percent Friday, in line with a regional sell-off after a slump on Wall Street fuelled by concerns about the global economy. The Hang Seng Index shed 445.99 points to 23,088.54 on turnover of HK$67.14 billion ($8.66 billion). However, the index ended the week marginally higher thanks to a healthy start to the week and the Federal Reserve's policy meeting minutes that indicated it could hold off lifting interest rates any time soon.
Traders kicked off the day in the red after Wall Street's tumble that came after another round of negative eurozone data, including a 5.8 percent slump in German exports in August. Leading German think tanks also slashed their growth forecasts for the eurozone's largest economy. Hong Kong investors are also watching events on the streets of the city as pro-democracy protest leaders said they would step up their campaign after planned talks with the government were called off.
HSBC fell 1.69 percent to HK$78.45, China Mobile eased 2.21 percent to HK$92.85 and Internet firm Tencent slipped 1.61 percent to HK$116.0. In China the benchmark Shanghai Composite Index fell 0.62 percent, or 14.83 points, to 2,374.54 on turnover of 192.2 billion yuan ($31.3 billion). However, the index rose 0.45 percent over the week's three trading sessions after an extended holiday.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, slid 0.38 percent, or 5.11 points, to 1,350.60 on turnover of 224.7 billion yuan ($36.7 billion). It gained 1.28 percent for the week. "Investors tended to pull out their funds and retreat as the (Shanghai) market approached the 2,400-point level while trade data due next week also weighed on the market," Central China Securities analyst Zhang Gang told AFP. Financial plays were lower in Shanghai. Ping An Insurance Group dropped 1.24 percent to 41.38 yuan while ICBC slid 0.28 percent to 3.51 yuan. Coal miners bucked the trend after the government said it will re-impose import tariffs on the fuel from next Wednesday. On the Shanghai market, Datong Coal Industry closed up 3.33 percent to 7.75 yuan, while Yanzhou Coal Mining rose 0.45 percent to 8.92 yuan.