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Hong Kong: Stocks post biggest weekly fall in 6 months

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[HONG KONG] Hong Kong stocks slipped to a 4-1/2-month low on Friday, and posted their biggest weekly fall in half a year, as investors braced for a faster pace of U.S. interest rate rises.

The Hang Seng index fell 0.2 per cent, to 22,020.75 points, while the China Enterprises Index lost 0.1 per cent, to 9,470.33 points.

For the week, the benchmark lost 3.3 per cent.

On Thursday, the market slumped in the wake of the Federal Reserve's quarter-point rate hike. Although the move had been fully priced in, investors were spooked after the Fed projected three hikes next year, up from two previously, indicating a hawkish policy stance.

Although the jitters eased on Friday, investors remained circumspect as the dollar hovered around its 14-year high against major currencies, threatening the appeal of emerging market assets.

Most sectors lost ground, with telecommunication and raw material shares leading the decline.

REUTERS

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