Hang Seng drops on Fed announcement

On Wednesday Hang Seng Index lost 0.5% or 92.74 points and finished at 18,354.43 after Federal Reserve said it will not promote growth by new asset purchases. Resource stocks mostly deteriorated as Chalco lost 3.1% and HK & China Gas gave up 0.57%. Banks provided mixed contribution to the index. Bank of China Ltd. appreciated 0.4% while HSBC Holdings PLC dropped 1.8%. Clothing trader Esprit Holdings recovered from previous losses surging 4.09%.