May 11, 2012 (Chinavestor) Chinese stocks extended weekly losses on Friday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 262.6 points or 1.3% on Friday and is off 1121.4 points or 5.32% for the week! This marks the single largest weekly drop for 2012 for the index. The Shanghai Composite Index (SHA:000001) slid 15.6 points or 0.6% on Friday, extending losses to 56.6 points or 2.3%.
The decline was less dramatic in Shanghai in percentage points but was more universal. Stocks that fell outnumbered those that advanced ten to one among the 50 largest components of the broad Shanghai Composite Index (SHA:000001).
But large, index heavy weight energy stocks weighted down the Hang Seng Index in Hong Kong. China Shenhua Energy (HKG:1088), the country's largest coal miner, fell 2.1% along with CNOOC Ltd. (HKG:0883), China's offshore oil specialist. Yanzhou Coal Mining (KHG:1171) fell 2.0% as well.
Shipping lanes bounced back up after steep losses earlier the week. China Cosco (HKG:1919) rose 1.0% while CSCL (HKG:2866) advanced 1.4%.