The Hang Seng fell 177 points, or 0.9%, to close at 19,064 on Friday, down for a fifth straight session and hitting its lowest in more than six weeks as sectors broadly lost ground. Nervous traders reacted to the People's Bank of China's decision to halt purchases of government bonds that sent yields soaring.

Investors are cautiously awaiting China's December trade data, due later in the week. Exports grew less than expected in November, while imports unexpectedly shrank.

Meanwhile, U.S. futures pointed to a weaker open on Wall Street, with traders preparing for the NFP data later in the day.

For the week, the index slumped 3.4%, marking its second straight weekly decline amid growing concerns that Chinese stocks are nearing bear market territory. Additionally, the latest FOMC meeting minutes pointed to persistent inflation risks, potentially limiting the scope for interest rate cuts this year.

Among single stocks, sharp losers included JD Health Intl. (-4.8%), Meituan (-3.3%), Kunlun Energy Co. (-3.1%), and China Tower Corp. (-2.7%).

Source: Trading Economics