SHANGHAI, April 4 Hong Kong shares finished
lower on Friday, dragged down by sliding tech shares and a steep
fall in Internet giant Tencent Holdings Ltd.
The Hang Seng Index closed down 0.2 percent at
22,510.08, finishing up 2 percent on the week. The China
Enterprises Index of the leading offshore Chinese
listings in Hong Kong was up 0.2 percent.
Tencent joined the slide in its U.S. listed peers on
increasing investor concerns the technology sector is over
valued. The stock lost as much as 6.3 percent earlier in the day
before finishing down 4 percent.
The company has lost nearly 19 percent over the last 20 days
of trading after reaching a peak of HK$646.00 on March 3.
Software company Kingsoft Corp Ltd also saw its
share price fall for a second day, losing 4.5 percent after it
announced it would seek a U.S. listing for its Security software
subsidiary Cheetah Mobile Inc.
H-shares lost most of their morning gains to end the week up
slightly, after excitement tailed off over plans to allow
mainland investors to buy Hong Kong traded shares via Shanghai.
But shares in Hong Kong Exchanges and Clearing
still performed well on the news, closing up 2.9 percent, for
its best weekly performance in over 1-1/2 years.
(Reporting By Natalie Thomas; Editing by Jacqueline Wong)