Hong Kong stocks fall, HSBC tumbles

Hong Kong stocks suffered their biggest one-day loss in a month on Tuesday, hurt by index heavyweight HSBC Holdings PLC after it posted a bigger-than-expected drop in its 2016 profit.

The benchmark Hang Seng index erased early gains and ended down 0.8 per cent at 23,963.63 points, while Hong Kong China Enterprises Index lost 0.4 per cent to 10,408.56.

Shares of HSBC Holdings PLC tumbled 5 per cent after it reported a 62 per cent slump in annual pre-tax profit that fell way short of analysts’ estimates due to one-time charges related to some businesses.

The company also announced a new $1 billion share buy-back.

It was a mixed day in Hong Kong, with the financial sector leading the declines.