Hong Kong stocks drop on resource sector; HSBC off
HONG KONG (MarketWatch) -- Hong Kong stocks dropped in early trading Friday after a deep sell-off on Wall Street sapped investor confidence, with the resource sector leading losses after crude and gold prices slumped overnight. The Hang Seng Index fell 1.2% to 19,032.57 and the Hang Seng China Enterprises Index lost 1.4% to 9,529.50. Shares of Cnooc Ltd. fell 2.5%, Aluminum Corp. of China Ltd. lost 2.1% and gold miner Zhaojin Mining Industry Co. skidded 4.8%. Extending its hefty declines this week, China Unicom Hong Kong Ltd. fell 3.1%, while heavyweight HSBC Holdings PLC outperformed after Moody's cut its rating by one notch, along with downgrades for several global lenders. Mainland Chinese stocks were closed for a holiday.