HSBC, which gets almost a third of its sales from North America, slumped the most in two weeks. Cnooc Ltd., China's biggest offshore oil producer, dropped after crude oil prices retreated from a record in New York.
``The subprime woes aren't over yet and we'll probably only see the full impact next year,'' said Christopher Wong, who helps manage $50 billion at Aberdeen Asset Management in Singapore. ``The Hong Kong market, along with other markets, is generally rather expensive and there's been too much risk appetite among investors.''
The Hang Seng Index slid 1,024.54, or 3.3 percent, to close at 30,468.34. The benchmark, which closed at a record 31,638.22 on Oct. 30, gained 0.2 percent this week. The Hang Seng China Enterprises Index, which tracks the so-called H shares of 43 mainland companies, lost 3.1 percent to 19,540.13.
The two gauges are the world's best performers in the past three months among 90 global benchmarks tracked by Bloomberg.
HSBC, Europe's biggest bank, lost HK$3.70, or 2.4 percent, to HK$148.30, its biggest drop since Oct. 22. Its North America earnings in the first-half slumped 35 percent because of loan defaults by subprime borrowers, the lender said in July.
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