HK shares end down 0.3 pct, snap weekly winning streak
HONG KONG, April 27 |
HONG KONG, April 27 (Reuters) - Hong Kong shares closed out their worst week in April with a whimper on Friday, snapping a three-week advance, with the financial sector a chief drag after Bank of China posted weak quarterly earnings late on Thursday.
The Hang Seng Index ended Friday 0.33 percent lower at 20,741.45, down 1.28 percent on the week. The China Enterprises Index of top mainland listings finished the off 0.06 percent at 10,905.1, and 1.31 percent weaker on the week.
The Shanghai Composite Index was down 0.35 percent at 2,396.32 as turnover slumped to the lowest in seven sessions ahead of four-day public holiday. It lost 0.44 percent this week and will resume trading on Wednesday next week.
* European shares opened lower following S&P's Spain downgrade, triggering a reversal of midday gains in Hong Kong, led by financials. HSBC Holdings Plc, Europe's largest bank, was among the top drags, slipping 0.5 percent.
* Losses for Bank of China Ltd, the country's third-largest lender by market value, also deepened. BOC lost 1.5 percent after posting quarterly earnings late on Thursday that underwhelmed expectations, setting a muted tone for its three "Big Four" Chinese peers that report later on Friday.
* Foxconn International Holdings Ltd, an Apple Inc supplier, closed down 15.8 percent at its lowest since Oct. 4 last year. The world's biggest contract maker of cell phones warned that weaker demand from some key customers would widen its first-half loss.
* Beijing is expected to report the official April manufacturing PMI reading on May 1, which may show further improvement to 53.6 in April from an eleven-month high of 53.1 in March, according to analysts polled by Reuters. (Reporting by Clement Tan; Editing by Chris Lewis)
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