HONG KONG: Hong Kong shares finished lower on Friday, dragged down by tech heavyweights, as a potential default by developer Evergrande and restrictions globally to contain the spread of the Omicron variant tempered investor optimism about economic recovery.

The Hang Seng index was down 1.1% at 23,995.72, while the China Enterprises Index lost 0.9% to 8,578.33 points.

For the week, the Hang Seng index edged 1% higher while the China Enterprises Index added 1.5%.

The Hang Seng Tech Index lost 1.1%, with internet giants Alibaba Group, Tencent Holdings and Meituan down between 1.6% and 2%.

Real-estate giant China Evergrande Group retreated 1.7% after ratings agency Fitch downgraded the company and Kaisa Group due to non-payment of offshore bonds. A source said Kaisa had started work on restructuring its $12 billion offshore debt.


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