Hang Seng index prolongs losses on global growth concerns

Shares in Hong Kong extended decline on Friday as signals of worsening global economic recession damped traders' willingness to invest in higher yielding assets. Hang Seng index faded 1.39% or 267.05 points and finished at 18,994.82. Financials posted substantial losses within the index. Agricultural Bank of China lost 1.3% and heavyweight HSCB Holdings shed 1.1% as it was one of lenders downgraded by Moody's. Commodities shares also pulled back with Zhaojin Mining Industry dropping 3.1%.