Hong Kong stocks slide as resource stocks, weak mainland inflows drag
Hong Kong stocks fell for a second day on Friday, as resource firms were hit by weak commodities markets in China and a sharp drop in money inflows from Shanghai.
The benchmark Hang Seng index dropped 0.6 per cent, to 23,965.70, while the Hong Kong China Enterprises Index lost 1.0 per cent, to 10,418.66.
The main index lost 0.3 per cent for the week.
Southbound inflows through the Shanghai-Hong Kong Stock Connect used just 5.4 per cent of the daily quota, compared with 25 per cent on Thursday.
Resource stocks clocked their biggest one-day decline since March 9, down 3.4 per cent on Friday after hitting a 20-1/2-month high in the previous session.
Optimism toward the sector waned partly due to a weak commodities market on the mainland. Futures prices of iron ore lost 2.4 per cent at the close.
Nearly all sectors lost ground on Friday, but telecommunication stocks advanced 0.5 per cent after receiving a boost from heavyweight China Unicom Hong Kong Ltd .
Shares of China's second-largest telecom operator jumped around 3.4 per cent after it reported sharp increase in mobile and 4G subscribers in January and also in hope of restructuring reforms.
The benchmark Hang Seng index dropped 0.6 per cent, to 23,965.70, while the Hong Kong China Enterprises Index lost 1.0 per cent, to 10,418.66.
The main index lost 0.3 per cent for the week.
Southbound inflows through the Shanghai-Hong Kong Stock Connect used just 5.4 per cent of the daily quota, compared with 25 per cent on Thursday.
Resource stocks clocked their biggest one-day decline since March 9, down 3.4 per cent on Friday after hitting a 20-1/2-month high in the previous session.
Optimism toward the sector waned partly due to a weak commodities market on the mainland. Futures prices of iron ore lost 2.4 per cent at the close.
Nearly all sectors lost ground on Friday, but telecommunication stocks advanced 0.5 per cent after receiving a boost from heavyweight China Unicom Hong Kong Ltd .
Shares of China's second-largest telecom operator jumped around 3.4 per cent after it reported sharp increase in mobile and 4G subscribers in January and also in hope of restructuring reforms.
