Hong Kong Stocks End 1.06% Down

Hong Kong stocks closed 1.06 percent lower Friday following losses on Wall Street after the IMF lowered its growth forecasts for the world’s top economy, but Shanghai ended the week at a seven-year high.

The benchmark Hang Seng Index slipped 291.73 points to close at 27,260.16 on turnover of HK$ 158.46 billion (US$ 20.45 billion).

But in mainland China the benchmark Shanghai Composite Index added 1.54 percent to end above 5,000 points for the first time since January 2008. It added 76.00 points to 5,023.10 on turnover of 1.2 trillion yuan ($ 196.1 billion) and gained 8.92 percent over the week.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.93 percent, or 28.26 points, to 3,051.96 on turnover of 1.0 trillion yuan. It surged 9.26 percent for the week.

Source: AFP