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HK, China: Stocks end the week lower
[HONG KONG] Hong Kong and Shanghai led an Asian sell-off Friday, as markets followed Wall Street lower and oil prices weakened on the last trading day before Christmas.
Regional stocks mirrored negative sentiment globally, with shares of US retailers falling sharply and European stocks under pressure over worries about Italy's ailing Monte dei Paschi di Siena bank.
Shanghai suffered the sharpest downturn Friday of almost one per cent, while Hong Kong ended 0.28 per cent down.
"Hong Kong stocks are troubled by capital outflows," Ben Kwong, executive director at KGI Asia in Hong Kong, told Bloomberg News.
China is facing massive capital outflows as investors seek better and more stable investments abroad.