Hong Kong shares fell 3.1 percent on Friday, extending their downslide into a third straight session, as investors took to the sidelines ahead of the weekend following a week of sharp gains and steep slides.
The blue-chip Hang Seng Index fell 676.31 points, or 4.4 percent, to 14,554.21, as investors concerned the global financial turmoil and slowing U.S. and European economies will hit Asia.
U.S. stock futures pointing to a weak open on Wall Street tonight also led to a spurt in selling towards the close. Hong Kong shares fell to a three-year closing low on Friday as investors exited equity holdings ahead of the weekend, following aweek of sharp gains and steep slides amid looming fears of a global recession.
The index fell 1.6 percent for the week, after swinging in a wide 2,587-point range. Turnover fell to 59.35 billion HK dollars (7.66 billion U.S. dollars) from Thursday's 64.33 billion HK dollars (8.30 billion U.S. dollars).
Analyst said as Asian investors become more aware of their economies' deteriorating economic conditions, the index may head toward 14,000 points next week.
Local banks were pressured after news that they will buy back mini-bonds offered by collapsed U.S. investment bank Lehman Brothers from holders at market value.
Hang Seng Bank, which was not involved in Lehman minibonds sale, was also down 2.3 percent at 106.0 HK dollars.
Bank of China shed 7.8 percent to 2.38 HK dollars, Bank of Communications falling 6.7 percent to 5.32 HK dollars and China Construction Bank dropping 6.7 percent to 3.50 HK dollars.
China Merchants Bank was down 6.92 percent at 14.52 dollars, extending Thursday's 7.69 percent fall after it signaled a decline in its earnings growth.
Among large-caps, HSBC was down 3.04 percent at 105.2 HK dollars, Hong Kong Exchanges and Clearing was down 3.53 percent at82.0 HK dollars.
China Mobile fell over 5 percent to 66.1 HK dollars ahead of its third-quarter results announcement on Monday. China Unicom was down 6.67 percent at 9.8 HK dollars.
China Life, the nation's largest life insurer by premiums, dropped 5.9 percent to 22.55 HK dollars and its smaller peer Ping An fell 7.3 percent to 35.50 HK dollars.
Oil producers were sharply lower after crude oil fell below 70 U.S. dollars a barrel overnight. CNOOC was down 6.21 percent at 5.74 HK dollars and PetroChina lost 6.03 percent at 5.92 HK dollars.
Source:Xinhua
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