Hong Kong: Shares fall as Japan tumble sours sentiment

[HONG KONG] Hong Kong shares dropped over 1 per cent 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.

The Hang Seng index fell 1.5 per cent, to 21,067.05, while the China Enterprises Index lost 1.3 per cent, to 8,939.47 points.

Hang Seng was down 1.9 per cent for the week, but rose 1.4 per cent 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 per cent.

REUTERS