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HK shares end sharply lower on finance sector woes

(Agencies)
Updated: 2009-03-02 16:50

Hong Kong shares finished nearly 4 percent lower on Monday as losses posted by global lender HSBC spread more gloom on an already beleaguered financial sector.

Related readings:  Hong Kong stocks close 1.61% higher  Hong Kong stocks close 2.86% lower  Hong Kong stocks close sharply higher

Trading in HSBC Holdings Plc remained suspended as the Hong Kong index heavyweight and Europe's largest bank announced an 18 percent fall in 2008 pre-tax profit and a rights issue during the afternoon session.

Concerns over a drain on government reserves from bailing out ailing American International Group Inc added pressure on sentiment, analysts said.

The benchmark Hang Seng Index closed down 3.86 percent at 12,317.46 points.

The China Enterprise index of Hong Kong-listed mainland companies fell 4.64 percent to 6,582.23.