Hong Kong shares retreated on Monday on escalated worries that the national economy is slowing down. The World Bank cut its growth forecast for China, citing soft exports and weak growth in investments. The bank predicts the country's economy to grow by 7.7% in 2012 compared to a previous forecast of a 8.2% expansion. The Hang Seng Index lost 0.89% to close at 20,824.56. All but one sectors included in the index dropped. The only gainer was consumer goods sector, with Li & Fung and Belle International Holdings advancing 0.28% and 0.33%. Sending China's blue chips index lower, telecommunications and technology companies fell 1.43% and 1.29%. China Mobile and China Unicom Hong Kong slumped 1.39% and 1.70% while Tencent sank 1.29%. Weak energy prices dragged oil and gas firms lower. CNOOC and PertoChina plunged 1.41% and 1.88%. Lenders also plunged amid China's growth fears. Bank of Communications, Bank of East Asia and Construction Bank of China slid 2.05%, 0.85% and 1.28%, respectively.