Hang Seng Index loses 580 points at close

Hong Kong stocks closed lower on Friday, slipping along with the A shares market.

The benchmark Hang Seng Index declined 580 points, or 2.08 percent to 27,387, with the full-day turnover of HK$301.6 billion.

The tech gauge dropped 2.1 percent to 5,718.

CK Hutchison (0001) dropped 4.6 percent, as Panama's Supreme Court annulled key port contracts held by its subsidiary that were unconstitutional.

CSPC Pharmaceutical (1093) dived 10 percent after it announced an agreement with UK drugmaker AstraZeneca for the development of innovative long-acting peptide medicines for obesity and weight-related conditions.

New World Development (0016) ended 2 percent higher on its potential investment news.

Hang Lung Properties' (0101) shares also rose nearly 1 percent following its underlying annual profit growth.

In the mainland, the Shanghai Composite Index fell 0.96 percent to 4,117, while the Shenzhen Component Index dropped 0.66 percent to 14,205.