BUSINESS, Commerce

Hong Kong Shares Tumbles

Hong Kong shares dropped over 1 percent on Friday as sentiment was soured by a tumble in Japanese stocks, after the Bank of Japan disappointed markets by electing not to expand monetary stimulus on Thursday.

Hong KongThe Hang Seng index fell 1.5 percent, to 21,067.05, while the China Enterprises Index lost 1.3 percent, to 8,939.47 points.

Hang Seng was down 1.9 percent for the week, but rose 1.4 percent in April.

Stocks fell across the board.

Banking stocks sagged after Chinese lenders posted flat profit growth amid rising bad debt.

Industrial and Commercial Bank of China Ltd (ICBC) , China’s biggest lender, fell 1.6 percent.

Readers Bureau

Edited by Jesus Chan

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