Hong Kong: Shares close lower on Friday, flat for week

[HONG KONG] Hong Kong shares finished down on Friday as investors awaited clearer signals on the direction of China's monetary policy and industrial growth, ending a week on a flat note.

Mainland news reports that 23 banks in Zhejiang would be allowed to cut their reserve ratios requirement another 50 basis points boosted financials early in the day, but the index gave up its gains in afternoon trade.

The Hang Seng index fell 0.3 per cent, to 24,823.29, while the China Enterprises Index lost 0.3 per cent, to 12,185.85 points.

Total trading volume of companies included in the HSI index was 1.6 billion shares.

For the month, the index gained 1.5 per cent, underperforming the Shanghai Composite Index, which rose over 4 per cent.

REUTERS