Hong Kong shares down on concerns over European debt crisis

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Source: Dukascopy Bank SA
Hong Kong equities fell on Friday, as protests in Cyprus underscored concerns that the debt crisis in Europe could worsen. Hang Seng index posted the biggest weekly decline since August 2012. Only two sectors in the gauge advanced. Industrial and consumer goods sectors added 0.5% both. China Unicom Hong Kong Ltd, a Chinese state telecommunications operator, surged 3.7% to HK$10.74 on  news that company's net profit for 2012 jumped 68%. Furthermore, Kunlun Energy Co Ltd soared 3%, as the company plans to appoint KPMG as their new auditor. Lenovo Group Ltd, the second biggest manufacturer of personal computers in the world, followed with a 2.9% rally to close at HK$8.12. On the downside, Tencent Holdings Ltd that dropped 2.8% to HK$245.40, as analysts cut their share price forecast. The company pushed telecommunications sector into the red zone, as it lost 0.1%. Sands China lost 1.6% to HK$37.65, after posting gains the previous three days. PetroChina Co Ltd closed the top-three with a 1.4% decrease to trade at HK$10.24.
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