Press Releases in Hong Kong

Hong Kong shares end lower on Friday

Hong Kong shares ended the session lower on Friday, dragged lower by Chinese e-commerce giant Alibaba after it reported disappointing earnings.

At the close, the benchmark Hang Seng index was down 1.07 percent to 25049.97 points, while the Hang Seng China Enterprises Index lost 0.7 percent, to 8,970.67 points.

Shares of Alibaba dropped by 10.71 percent to HK$139.3 at the close after the company forecast annual revenue to grow at its slowest pace since its 2014 stock market debut as second-quarter results missed expectations due to slowing consumption, increasing competition.

Broad market losses were somewhat limited by gains in the property sector on Friday afternoon, with an index gauging real estate firms bouncing 0.52 percent at the close.