Hang Seng drops on S&P warning

On Tuesday Hong Kong's Hang Seng Index edged down 1.24% or 237.46 points and closed at 18,942.23 after S&P released announcement it may cut credit rating for 15 Eurozone countries as lingering debt crisis threatens financial stability. Financials put main negative pressure on the index as Agricultural Bank of China Ltd lost 1.7%, Bank of China Ltd. declined 1.8% and HSBC Holdings PLC dropped 1% after it received a fine from UK's regulators for prohibited sales of particular securities to retail investors. Esprit Holdings Ltd plunged 10.5% after company's CEO resigned.