Hong Kong stocks fall as heavyweight financial shares drag market

Hong Kong stocks fell on Friday, weighed down by losses in heavyweight financial shares.

The Hang Seng Index closed down 304 points, or 1.13 percent, at 26,580, with turnover of HK$139.46 billion. The Hang Seng Tech Index slipped 0.47 percent to 5,380.

Major tech stocks were mixed. Tencent (0700) fell 0.9 percent, Alibaba (9988) dropped 2.6 percent, Meituan (3690) slid nearly 2 percent, while JD.com (9618) and NetEase (9999) each declined 2 percent. Xiaomi (1810) rose 1.5 percent.

Traditional financial stocks led the declines, with AIA Group (1299) sinking 4.8 percent, HSBC (0005) down 3.3 percent and Hong Kong Exchanges and Clearing (0388) falling 1.5 percent.

In the mainland market, Chinese shares edged higher. The Shanghai Composite Index rose 0.11 percent to 4,080, while the Shenzhen Component Index climbed 0.65 percent to 14,043.