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HK Stocks Dive 2.07 Percent, Near 29-Month Low
Hong Kong stocks plunged near a 29-month low, weighed down by market heavyweight China Mobile, which sank to its lowest level since September 1999.
The benchmark Hang Seng Index lost 235.08 points, or 2.07 percent, to end at 11,110.30.
The turnover was 6.418 billion HK dollars (823 million U.S. dollars), declining from Thursday's 6.725 billion HK dollars (862 million U.S. dollars).
China Mobile dropped 7.13 percent to 24.10 HK dollars while its rival China Unicom slipped 4.83 percent to 9.85 HK dollars on lingering concerns over fierce competition and lower margins in the Chinese telecoms sector.
Properties stocks moved up 0.72 percent as a group, while finance, utilities and industry and commerce shares fell 1.47 percent, 0.32 percent and 3.73 percent respectively.
Chinese-mainland stocks fell with the H-share index of the Hong Kong-listed Chinese mainland companies decreasing 0.73 percent and the red chip index of the Hong Kong-incorporated mainland companies sliding 2.70 percent.
The Hang Seng Index opened 27.02 points, or 0.24 percent, higher at 11,372.40 points but slumped 261.81 points, or 2.31 percent, to close the morning session at 11,083.57 points.
The tech-heavy Growth Enterprise Market index lost 2.88 points to end at 210.06 points.
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