Hong Kong shares suffered their biggest annual loss since the financial crisis three years ago as mounting fears about China, a global recession and heightened volatility in financial markets trumped cheap valuations, according to Reuters. The Hang Seng index finished up 0.2 percent on the day, but closed the year down 20 percent at 18,434.39. The China Enterprises index of top locally listed mainland companies fell 0.08 percent on the day. On the mainland, the Shanghai Composite Index rose 1.19 percent on Friday but posted a 21.7 drop for the year.
