Hang Seng Index Falls To End Week Below 25,000

Hong Kong shares led losses in the region on Friday as sentiment was hit by persisting fears over the fast-spreading Delta coronavirus variant, an end to central bank monetary policy support, and Beijing's regulatory clampdown.

The Hang Seng Index headed further south after opening slightly lower, losing more than 700 points at one stage. It recovered some of the losses to finish the day 466 points, or 1.8 percent lower, at 24,849.

Turnover was HK$204.3 billion.

For the week, the local benchmark lost almost six percent.

Alibaba Health Information Technology slumped 13.3 percent on Friday to become the worst blue-chip performer. Other healthcare stocks were also hit, after state media called for better protection of online prescription drug sales. Wuxi Biologics tumbled 7.5 percent and CSPC Pharmaceutical slid seven percent. Sino Biopharmaceutical slipped 4.7 percent.

Tech shares were weighed as Beijing passed a data protection law that restricts how companies collect, use and store information. Meituan declined 4.5 percent. Alibaba and Xiaomi gave up more than two percent each. But Tencent edged up one percent.

Across the border, the Shanghai Composite Index fell 1.3 percent, while the blue-chip CSI300 index dropped 1.9 percent. The Shenzhen Composite slipped 1.2 percent.

Taiwan inched down 0.2 percent. Japan's Nikkei lost one percent. The Kospi in South Korea closed 1.2 percent lower. Shares in Australia were weaker by less than 0.1 percent. But Singapore added about 0.5 percent.