August 18, 2017 / 8:21 AM / in a year

Hong Kong shares join global retreat, but end week up on solid earnings

SHANGHAI, Aug 18 (Reuters) - Hong Kong shares finished down on Friday, tracking weak global markets after the S&P 500 recorded its biggest percentage drop in three months on Thursday amid growing doubts over the Trump administration’s ability to implement its economic agenda.

The Hang Seng index fell 1.1 percent, to 27,047.57 points, while the China Enterprises Index lost 1.0 percent, to 10,693.65 points.

Despite the losses, the Hang Seng index closed up 0.6 percent for the week thanks to support from companies reporting strong earnings.

Tencent, which announced a 70 percent rise in second-quarter profit on Wednesday, fell 1.1 percent on Friday, but ended the week up 4.9 percent.

Mainland banks also fell. Industrial and Commercial Bank of China lost 2.1 percent and China Construction Bank Corp dropped 1.7 percent. (Reporting by Andrew Galbraith; Editing by Shri Navaratnam)

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