Hong Kong shares fall as global economy worries spread
Jan 16 (Reuters) - Hong Kong shares drifted downward on Friday as losses on Wall Street spread to Asia.
The Hang Seng index fell 1.0 percent, to 24,103.52, while the China Enterprises Index lost 0.9 percent, to 12,076.74 points.
For the week, the Hang Seng rose 0.8 percent and the China Enterprises Index was up 0.4 percent.
U.S. stocks fell for a fifth straight session Thursday as bank results disappointed and investors fretted over the potential impact of global economic weakness on U.S. corporate earnings.
The premium between dual-listed companies on Chinese mainland markets and Hong Kong hit 132.77, its highest point since October 2011, as they once again moved in opposite directions.
Information technology shares led the Hang Seng Index lower, with Tencent Holdings down 3.9 percent, while financials were the biggest drag on the China Enterprise Index.
China Overseas Land & Investment, which was down more than 5 percent during the day on news the government froze sales of one of its Shenzhen developments, regained ground to close down 2.8 percent.
Among the most actively traded stocks on Hong Kong's main board were China National Culture Group, down 11.1 percent to HK$0.12 Bank Of China, down 0.7 percent to HK$4.44 and Semiconductor Manufacturing International, down 2.8 percent to HK$0.70.
Chinese investment flowing from Shanghai into Hong Kong through the mutual market access pilot programme took up 10.5 billion yuan of the 10.5 billion yuan daily quota
Total trading volume of companies included in the HSI index was 1.7 billion shares. (Reporting by Jake Spring; Additional reporting by Shanghai Newsroom and Kazunori Takada; Editing by Richard Borsuk)
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