Hang Seng drops; Li & Fung weights

Source: Dukascopy Bank SA

Chinese equities ended the week in the red territory after China reported a slowdown in exports growth. Recent flow on negative economic data also pushed China's stocks lower. Hang Seng Index closed 0.89% lower at 20,136.12. Only three industries included in the index managed to climb: telecommunications, utilities and basic materials. China Mobile, China Resources Power and Power Assets rose by 0.61%, 1.79% and 0.57%, respectively. Financials were mixed. China Overseas Land & Investment gained 1.3% ahead of its interim earnings report while Bank of China slid 0.33%. At the same time, consumer goods and technology shares posted the largest losses. Hutchison and Sands China tumbled 1.28% and 3.34%. The worst performer was Li & Fung, plunging by 19.27% on news that the company's profits dropped by 22% in H1.

 

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