Hong Kong stocks fell on Friday, weighed down by disappointing results from HSBC. The Hang Seng Index closed down 0.3 percent, with HSBC contributing significantly to the decline.

HSBC reported a weaker-than-expected third-quarter profit, citing increased operating expenses and a slowdown in revenue growth. The bank’s shares fell sharply in Hong Kong trading, dragging down the broader market.

Analysts expressed concern about HSBC’s performance, noting that the bank’s cost control measures appeared to be faltering. The results raised questions about the bank’s ability to meet its financial targets for the year.

Other blue-chip stocks also contributed to the market’s decline, with property developers and energy companies underperforming. Concerns about rising interest rates and a potential slowdown in the Chinese economy weighed on investor sentiment.

However, some sectors bucked the trend, with technology stocks showing resilience. Investors remained optimistic about the long-term growth prospects of the technology sector, despite the broader market weakness.

Overall, the Hong Kong stock market faced headwinds from HSBC’s disappointing results and broader economic concerns. Investors will be closely watching upcoming economic data and corporate earnings reports for further clues about the market’s direction.