Hong Kong stocks fell the most in three weeks on Friday, bringing the week's loss to over 2 percent, as concerns of a global trade war hit already shaky confidence due to prospects of a faster pace of US monetary tightening. US President Donald Trump announced hefty tariffs on steel and aluminium imports, sparking concerns of a global trade war. The Hang Seng index fell 1.5 percent, to 30,583.45, while the China Enterprises Index lost 1.8 percent to 12,203.91 points.
Major Chinese steelmaker Angang Steel fell over 2 percent, Maanshan Iron lost nearly 5 percent while Aluminum Corp of China was down 2.6 percent. The sub-index of the Hang Seng tracking energy shares dipped 1.8 percent while the IT sector dipped 2.21 percent, the financial sector was 1.75 percent lower and the property sector dipped 1 percent. The top gainer on Hang Seng was Power Assets Holdings Ltd up 1.94 percent, while the biggest loser was CNOOC Ltd, down 3.02 percent.
As of the previous trading session, the Hang Seng index was up 3.76 percent this year, while China's H-share index was up 6.1 percent. As of the previous close, the Hang Seng has risen 0.65 percent this month.
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