HONG KONG: The Hong Kong stocks dropped 0.13 percent on Friday after prices of new homes in China fell for the first time in two years. China Construction Bank reported its worst quarter in more than five years. The Hang Seng Index fell 30.98 points to 23,302.20 on turnover of HK$50.17 billion ($647 billion).
The average price of new homes in 70 mainland cities fell 1.1 percent on-year in September, after rising 0.5 percent in August.
China Construction Bank’s shares slumped 0.89 percent to HK$5.58 after it reported its low profit growth in more than five years. This impacted other banking shares such as a ICBC, which slipped 0.80 percent to HK$4.98.In other sectors, China Mobile jumped 1.87 percent to HK$89.75, while Internet giant Tencent dropped 0.33 percent to HK$119.2.In mainland China, shares ended flat on Friday, reversing early gains after investors took profits, dealers said.
The benchmark Shanghai Composite Index slipped 0.14 points to 2,302.28 on turnover of 114.3 billion yuan ($18.7 billion). The index dropped 1.66 percent within the week.The Shenzhen Composite Index, which tracked stocks on China’s second exchange, edged up 0.05 percent, or 0.59 points, to 1,296.64 on turnover of 121.3 billion yuan. It lost 2.03 percent for the week.
