[HONG KONG] Hong Kong's benchmark index suffered its biggest one-day loss in five weeks on Friday, after rating agency Standard & Poor's downgraded its outlook for China and Hong Kong.
The Hang Seng index fell 1.3 per cent, to 20,498.92, its biggest one-day per centage loss since Feb. 25. For the week, the Hang Seng was up 0.8 per cent.
The China Enterprises Index lost 1.8 per cent on Friday, to 8,842.86 points. For the week, it gained 1.6 per cent.
S&P on Thursday cut its outlook for China's sovereign credit rating to negative from stable, and also downgraded the outlook for Hong Kong.
Shares fell across the board, with the energy sector among the biggest decliners.