Hong Kong stocks finished lower Friday, concerning about the fate of the U.S. government's bailout package for the financial markets and declines on other Asian stocks market.
The Hang Seng Index fell 252.34 points, or 1.3 percent, to 18,682.09 after trading between 18,500.11 and 18,936.94. Turnover rose slightly to 54.99 billion HK dollars (7.80 U.S. dollars) from52.24 billion HK dollars (6.72 U.S. dollars) Thursday.
The index fell a total of 3.3 percent this week.
Analysts said they expect weak U.S. stocks to weigh on Hong Kong's blue-chip index in the near term as many investors will continue to stay on the sidelines rather than increase their exposure to the volatile market.
As China's financial markets will be closed all next week for the National Day holiday, investors will focus on the U.S. market. Falls on regional bourses weighed on Hong Kong shares Friday on worries that a delay or failure of the U.S. government's700 billion U.S. dollars bailout package for the financial sector may lead the U.S. economy into a recession.
Exporters and resources firms led the Hong Kong market's declines. Consumer goods exporter Li & Fung dropped 5.3 percent to20.55 HK dollars on concerns a slowdown in U.S. economic growth will hurt the company's earnings.
Coal producer China Shenhua Energy fell 3.5 percent to 20.40 HK dollars and aluminum producer Chalco tumbled 6.3 percent to 5.06HK dollars.
Ping An Insurance plunged 9.7 percent to 47.50 HK dollars on concerns about its investment in Fortis. Airline Cathay Pacific and oil refiner Sinopec fell on rising crude oil prices. Cathay Pacific slid 2.0 percent to 13.06 HK dollars and Sinopec dropped 3.8 percent to 6.36 HK dollars.
Bucking the overall market, Yue Yuen rose 0.5 percent to 20.25 HK dollars after it reported a 56 percent increase in net profit for the first nine months of its fiscal year.
Source: Xinhua
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