Hong Kong stocks post biggest weekly drop in 6 months on renewed virus woes

Hong Kong stocks ended lower on Friday, posting their biggest weekly drop in six months, tracking a global correction as a resurgence in coronavirus cases globally raised concerns about the pace of economic recovery. ** At the close of trade, the Hang Seng index was down 75.65 points, or 0.32%, at 23,235.42.

Hong Kong stocks ended lower on Friday, posting their biggest weekly drop in six months, tracking a global correction as a resurgence in coronavirus cases globally raised concerns about the pace of economic recovery.

** At the close of trade, the Hang Seng index was down 75.65 points, or 0.32%, at 23,235.42. The Hang Seng China Enterprises index fell 0.73% to 9,302.59. ** For the week, HSI slumped 5%, while HSCE shed 5.1%, both posting steepest daily drop since the week ended March 20.

** The sub-index of the Hang Seng tracking energy shares dipped 0.1%, while the IT sector dipped 1.29%, the financial sector ended 0.19% lower and the property sector dipped 1.04%. ** The top gainer on the Hang Seng was CLP Holdings Ltd , which gained 2.15%, while the biggest loser was Country Garden Holdings Co Ltd, which fell 3.87%.

** The Hang Seng index could remain sluggish in the short term as new listings drew liquidity and investors turned cautious ahead of China's week-long National Day Holiday starting Oct. 1, Guodu Hong Kong said in report. ** Tech players weighed on the market, with the Hang Seng tech index retreating 6.1% for the week.

** Britain recorded its highest number of daily COVID-19 cases on Thursday, reflecting a second wave of the virus hitting the country, while Mexico is close to surpassing 75,000 confirmed coronavirus deaths. ** Investors sold off China Evergrande Group shares and bonds, after a leaked document showed the nation's second-biggest property developer by sales sought government help to avert a cash crunch.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 2.15%, while Japan's Nikkei index closed up 0.51%. ** The yuan was quoted at 6.8177 per U.S. dollar at 0816 GMT, 0.14% firmer than the previous close of 6.8275.