Press Releases in Hong Kong

Hong Kong shares close lower on Friday

Hong Kong shares closed lower on Friday, dragged by tech giants and as HSBC Holdings fell after the Bank of England decided to keep interest rates steady.

The Hang Seng Index fell 1.4 percent to 24,870.51, while the China Enterprises Index lost 1.5 percent to 8,820.83.

For the week, the Hang Seng Index and the China Enterprises Index dropped 2 percent and 1.6 percent, respectively.

Hong Kong shares of banking and financial services company HSBC Holdings slumped 3.6 percent, making them the second-biggest percentage decliner on the Hang Seng Index.

The index heavyweight dragged the benchmark index down 69 points after the Bank of England decided to keep interest rates unchanged. Financials and banking stocks tend to benefit from higher interest rates.

The Hang Seng Tech Index dropped 1.6 percent, with constituents Alibaba Group, Meituan and Tencent Holdings down more than 2.7 percent each.