Hang Seng Index losses ease after sharp declines

Hong Kong shares fell for a third straight day on Friday, but losses eased after suffering sharp declines on Thursday.

The benchmark Hang Seng Index dropped 30.12 points, or 0.11 percent, to close at 27,424.19, after trading between 27,255.89 and 27,604.27. Turnover totaled 204.77 billion HK dollars (26.42 billion U.S. dollars).

The Hang Seng China Enterprises Index moved down 79.19 points, or 0.56 percent, to close at 14,103.81.

Four sub-indices closed mixed. The Utilities rose 0.41 percent, and the Finance ended 0.35 percent higher. The Properties edged down 0.84 percent, and the Commerce & Industry dipped 0.59 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, increased 0.95 percent to end at 74.15 HK dollars.

Bank of East Asia, one of the largest local banks in Hong Kong, rose 1.01 percent to close at 35 HK dollars. Local bourse operator HKEX lost 0.6 percent to 298.4 HK dollars.

China Mobile, China's dominant mobile carrier, fell 1.16 percent to 102.1 HK dollars. China Unicom, another Chinese telecom giant, retreated 2.82 percent to 13.08 HK dollars.

Local property stocks closed mixed. Sun Hung Kai, one of Hong Kong's largest property developer by market value, fell 0.9 percent to 131.4 HK dollars. Henderson Land added 0.08 percent to 62.55 HK dollars. CKH Holdings, which was controlled by tycoon Li Ka-shing, closed flat at 121 HK dollars.

Mainland-based financial stocks closed mixed. Bank of China dropped 0.77 percent to close at 5.15 HK dollars. Bank of Communication gained 0.14 percent to 7.38 HK dollars. ICBC closed 0.3 percent lower at 6.75 HK dollars, and China Construction Bank rose 1.83 percent to 7.79 HK dollars.

As for energy stocks, China's top refiner Sinopec fell 1.3 percent to 6.83 HK dollars. PetroChina, the country's largest oil and gas producer, closed at 9.19 HK dollars, down 1.61 percent. (1 U.S. dollar equals 7.75 HK dollars)