Hong Kong shares close down 3.9 per cent

Hong Kong share prices closed 3.9 per cent lower on Monday, after HSBC reported worse than expected annual results, dealers said.

Hong Kong share prices closed 3.9 per cent lower on Monday, after HSBC reported worse than expected annual results, dealers said.

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The benchmark Hang Seng Index dropped 494.11 points to 12,317.46. Turnover was 36.36 billion Hong Kong dollars (4.66 billion US).

HSBC reported ON Monday a 70 per cent slump in annual net profits to 5.728 billion US dollars. The banking giant said it planned to raise 17.8 billion US dollars and would axe 6,100 jobs in the United States.