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HK shares end down 1.4 pct, HSI below support
Published in Saudi Press Agency on 25 - 11 - 2011

AlHijjah 29, 1432, Nov 25, 2011, SPA -- Hong Kong shares fell in thin Friday trade, posting a fourth straight weekly loss as investors cut risk ahead of the weekend, with the benchmark Hang Seng Index marginally failing to hold at chart support levels, according to Reuters.
The Hang Seng Index closed down 1.37 percent on the day and 4.34 percent on the week at 17,689.48. The China Enterprises Index ended down 1.78 percent on the day and 5.64 percent on the week at 9,395.91.
The Shanghai Composite Index finished 0.72 percent weaker on the day at 2,380.22 on weakness in the financial and property sectors. The benchmark slumped to its third straight weekly loss, finishing 1.5 percent off on the week.
HIGHLIGHTS:
* The benchmark struggled all day before finishing marginally below 17,730, about the 61.8 percent retracement of its rise from the Oct. 4 low to Oct. 28 high. Chart support is next seen between 17,179 and 17,437, the high on Oct. 6 and low on Oct. 7, respectively.
* HSBC Holdings Plc, Europe's largest bank, lost 1.7 percent to the lowest level since May 2009 and with a 15 percent weighting was a big part of the Hang Seng Index's slide. The gridlock in Europe over the region's debt problems has hit the bank hard. It is down almost 20 percent in November so far, poised for its worst month in more than three years and driving its 12-month forward earnings multiples near historic lows. At 7.3 times, it is just 4.3 percent off its all-time low, according to Thomson Reuters Starmine.
* Alibaba.com Ltd, slumped to its worst daily loss since September 2009 after posting the slowest earnings growth in nearly two years. It ended down 10.6 percent at HK$7.94 in volume more than twice its 30-day average, bringing its month-to-date loss to 14 percent. It gained more than 27 percent in October. The stock had spiked to as high as HK$9.25 on Tuesday, before sliding almost 13.8 percent over the last three sessions as short interest increased. Short-selling averaged about 34 percent on Wednesday and Thursday.
WEEK AHEAD:
* China is scheduled to release its official purchasing managers index (PMI) data for November on Dec. 1. A preliminary PMI survey on Nov. 23 showed factory output in the world's second-largest economy shrank the most in 32 months in November on signs of domestic economic weakness.


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