Nov 5 (Reuters) – 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% to 24,870.51, while the China Enterprises Index lost 1.5% to 8,820.83.
** For the week, the Hang Seng Index and the China Enterprises Index dropped 2% and 1.6%, respectively.
** Hong Kong shares of banking and financial services company HSBC Holdings slumped 3.6%, 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%, with constituents Alibaba Group, Meituan and Tencent Holdings down more than 2.7% each.
** Mainland property firms listed in Hong Kong lost 2.8%, as concerns about a liquidity crisis in the property sector grew after developer Kaisa Group Holdings Ltd said its finance unit had missed a payment on a wealth management product.
** Energy stocks declined 3.1%. Coal miners dropped as China’s state planner published seven statements in the past two days showing recent coal production and its efforts in reining in prices. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)