China's second largest lender, China Construction Bank (HKG:0939), led losses on the main index, sliding more than 7 percent, while top bank ICBC (1398.HK) dropped over 6 percent.
Credit Suisse downgraded ICBC to neutral from outperform as it saw the stock succumbing to profit-taking on further signs of an economic slowdown in China. But the brokerage raised its target price to HK$6.27 from HK$6. The stock is currently trading at HK$5.24.
Reuters
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