Hang Seng index gives up 1% on Agricultural Bank of China profit report

Hong Kong's Hang Seng index fell sharply on Friday as concerns about global recession returned after investors gathered European and Chinese PMI reports. Hang Seng index dropped 1.11% or 232.76 points and closed at 20,668.80. Shares of heavyweight Agricultural Bank of China negatively affected the overall performance of the index. The lender tumbled 3% after reporting a 14% decline in its fourth quarter profit. Losses were party corrected by Li & Fung which rallied 4.2% after exporter posted a 24% profit advance for 2011.