Feb 21 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
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