HSI Tumbles, Hurt By Tencent Antitrust Fine

Local shares ended the week sharply lower, snapping a three-day winning streak, with market heavyweight Tencent losing more than 4 percent after it was slapped with a fine by China’s antitrust regulator.

The Hang Seng Index finished Friday's trading below the 29,000-point mark, losing 645 points or 2.2 percent at 28,739.

Turnover was HK$225.5 billion.

Tencent shed 4.4 percent to HK$650.5 after the firm, along with a number of tech giants, were fined for past deals by the State Administration for Market Regulation.

AIA also fell sharply after its earnings report failed to impress investors.

Mainland markets finished the day in positive territory. The Shanghai Composite Index put on 0.47 percent, the blue-chip CSI300 index rose 0.4 percent and the Shenzhen Composite Index gained 0.2 percent.

Regional stocks were mostly higher thanks to investor optimism over US President Joe Biden signing into law a US$1.9 trillion economic relief package and the European Central Bank stepping up its stimulus bond buying.

The Nikkei in Japan jumped 1.7 percent, the South Korean Kospi was up 1.35 percent, Australia's ASX rose 0.8 percent and Taiwan shares were 0.47 percent higher.