Hong Kong equities faced a choppy session on Friday as unexpected China's interest rate cut signaled weaker than expected outlook for national economy. Hang Seng Index traded close to flat giving up 0.04% and closing at 19,792.08. Financials declined on rate cuts while some car makers and real estate companies surged on hopes that the rate reduction would stimulate their performance. Bank of Communications and China Construction Bank each slipped 2.5%. Meanwhile, Evergrande Real Estate Group rallied 6.6%. PBOC yesterday reduced one-year deposit rate by 0.25 p.p. and the one-year lending rate by 31 b.p.