February 21, 2017 / 8:19 AM / 5 months ago

Hong Kong stocks fall, HSBC tumbles after profit slump

1 Min Read

Feb 21 (Reuters) - Hong Kong stocks suffered their biggest one-day loss in a month on Tuesday, hurt by index heavyweight HSBC Holdings PLC after it posted a bigger-than-expected drop in its 2016 profit.

The benchmark Hang Seng index erased early gains and ended down 0.8 percent at 23,963.63 points, while Hong Kong China Enterprises Index lost 0.4 percent to 10,408.56.

Shares of HSBC Holdings PLC tumbled 5 percent after it reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates due to one-time charges related to some businesses.

The company also announced a new $1 billion share buy-back.

It was a mixed day in Hong Kong, with the financial sector leading the declines.

Resource stocks added 0.8 percent as prices of metal and other building-related materials continued to rally in the mainland China commodity market. (Reporting by Jackie Cai and John Ruwitch; Editing by Kim Coghill)

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