Hong Kong shares drop on China's data

Source: Dukascopy Bank SA
Hong Kong equities extended their losses on Friday with the Hang Seng index pairing its biggest weekly decline in more than two years as data on Chinese economy showed disappointing results. The Hang Seng index erased 0.5% to close at 22,782.44 and posted a 2.8% decrease this week. All but two sectors in the benchmark index inched lower. Li & Fung, a company that operates an export trading business, tumbled as much as 2.1% to close at HK$10.62, followed by China RES Land Ltd that erased 1.8% to HK$ 22.15 and dragged down financial stocks that were 0.52% lower. Furthermore, China Overseas Land & Investment also paced losses in the financial group with a 1.8% drop. Meanwhile, the top-loser was Belle International Holdings Ltd, as its shares lost 5.4%, extending their earlier decrease after company posted lower-than-expected profit forecast for 2012. Furthermore, Tencent eased 2.7% to close HK$264.400 adding to losses in the telecommunications sector that slid 0.16%.
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