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HSBC's Hong Kong shares down 3.5 percent after 2016 profit slump

Reuters

HONG KONG (Reuters) - Shares in HSBC Holdings Plc (HSBA.L) were down 3.5 percent in afternoon trading in Hong Kong on Tuesday after the bank posted a bigger-than-expected drop in its 2016 pre-tax profit.

HSBC reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back.

(Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman)