Hong Kong stocks fell 136.97 points, or 0.8 percent to close at 17,062.52 on Friday.
Turnover moved up to 64.35 billion HK dollars (8.31 billion U.S. dollars), from Thursday's 60.94 billion HK dollars.
The benchmark index was sent lower on Friday for the second consecutive session, as investors continued to take profit on the city's market due to the uncertain global economic outlook.
Analysts expected the blue-chip index to continue to consolidate around 16,500 in the near term after the market's recent rally, though some said abundant liquidity should lend the market support.
Banking heavyweight HSBC fell 0.83 percent to 65.65 HK dollars, consolidating further after hitting a year-to-date closing high of68.35 HK dollars on Tuesday.
China Mobile fell 0.6 percent to 73.3 HK dollars on profit- taking, after rising 9.6 percent since May 1. Hong Kong Exchanges and Clearing, the local bourse operator, dropped 0.9 percent to 112.4 HK dollars on weak market turnover.
Hong Kong developers were mostly the day's biggest gainers, with Morgan Stanley upgrading its rating on the sector to attractive from cautious, and raising price targets across the board.
It said in a research report on Friday that they may have underestimated the speed at which global economies have stabilized, as well as the purchasing power and appetite of home buyers in Hong Kong.
Among the developers posting the biggest gains were Sun Hung Kai Properties, which rose 5 percent to 85.9 HK dollars, and New World Development, which rose 3.7 percent to 12.78 HK dollars.
Source: Xinhua
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