Hong Kong's Hang Seng index fell sharply on Friday as concerns about global recession returned after investors gathered European and Chinese PMI reports. Hang Seng index dropped 1.11% or 232.76 points and closed at 20,668.80. Shares of heavyweight Agricultural Bank of China negatively affected the overall performance of the index. The lender tumbled 3% after reporting a 14% decline in its fourth quarter profit. Losses were party corrected by Li & Fung which rallied 4.2% after exporter posted a 24% profit advance for 2011.