Busines is not for Kid

Chinese stocks sank 1.91 percent on Friday, their biggest daily drop in one month, as expectations mounted of an imminent resumption of initial public offerings, which could include a large offering. The slump in China stocks pushed Hong Kong’s Hang Seng Index off the nine-month high it hit earlier in the day but the index managed to eke out a 0.5 percent gain, rising for a third day in a row and a fourth straight week. Banks including HSBC and Chinese lenders CCB and ICBC led gains in Hong Kong, as the latest deluge of data from China and the United States strengthened the case for an early turnaround in the global economy. But the index, which has been pushing up against the psychologically significant 19,000-point level for two weeks, was unable to hold above that mark for long. Turnover edged up to HK$79 billion ($10.1 billion), from HK$78.4 billion on Thursday.

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