April 25, 2014 / 8:16 AM / in 4 years

Hong Kong shares close down on China economy concerns

BEIJING, April 25 (Reuters) - Hong Kong shares fell on Friday as concerns about the state of China’s economy and the health of its banking sector clouded positive earnings from several Chinese firms.

The Hang Seng Index closed down 1.5 percent. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was down 1.4 percent.

On the week, the HSI shed 2.4 percent, its biggest weekly fall since the week ended March 14. It is down 4.1 percent so far this year.

Bank of China’s Hong Kong listed shares fell 1.5 percent despite the fourth-largest lender posting a higher than expected rise in its first-quarter net profit, as investors remained unconvinced about the overall health of the sector.

Anhui Conch Cement Co Ltd was similarly shunned by investors, falling 4.1 percent despite reporting on Thursday that first-quarter profit more than doubled to 2.5 billion yuan ($400.1 million). (Reporting by Natalie Thomas; Editing by Kim Coghill)

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