Hong Kong stocks slumped 5.48 per cent to a 29-month low this week as China Mobile saw its biggest one-week percentage drop since listing in Hong Kong four years ago. The Hang Seng Index ended the week down 644.51 points at 11,110.3. The market's misery began last week with a disappointing set of interim results from China Mobile. On August 16, it revealed a 58.3 per cent year-on-year rise in interim net profit, to 13.8 billion yuan (HK$12.93 billion). There had been expectations of 73 per cent growth. As the second largest stock on the Hang Seng Index, significant movements in China Mobile to a large extent decide the market's fate. 'It's difficult to find a bottom for China Mobile's share price,' said Dao Heng Securities deputy research head Eric Yuen. Since the release of the results, China Mobile has fallen 30.74 per cent while the Hang Seng Index has shed 8.49 per cent. China Mobile has also been hit by the recent sharp sell-off in the European telecoms sector, which was triggered by the sale of a large chunk of Deutsche Telekom shares on August 7.