Hong Kong, China stocks end week in red
ReutersHONG KONG--Shares in Hong Kong and mainland China fell further on Friday, with a benchmark index suffering its biggest weekly loss in over two years, as investors took profits out of a rally that saw mainland indexes gain over 30 percent in less than two months.
February 23, 2013, 12:01 am TWN
The Hang Seng Index lost 0.5 percent and finished the week down 2.8 percent, its biggest weekly loss since mid-November. The China Enterprises Index of the top Chinese listings in Hong Kong, which slipped 1 percent on Friday, slumped 4.5 percent for the full week.
China's main stock indices posted more dramatic falls, with the CSI300 index, which tracks the largest firms listed in Shanghai and Shenzhen, posting its sharpest weekly drop since Nov. 2010.
The CSI300 declined every day this week except Wednesday. It fell 0.5 percent on Friday to close at 2,596.6 points, down 6.3 percent for the week.
“We are still looking to find a short-term bottom, as Hong Kong is still in the consolidation mode,” said Jackson Wong, vice president for equity sales at Tanrich Securities in Hong Kong.
The Shanghai Composite Index closed down 0.5 percent to 2,314.2 points, slumping 4.9 percent this week, the biggest weekly drop since May 2011.
The benchmark Hang Seng Index rose 4.7 percent to its 21-month high in January, but has fallen 4 percent so far in February.