HONG KONG -- Hong Kong shares fell 0.8 percent Friday in cautious trade ahead of the release of several major Blue Chips' results next week, with profit-taking in HSBC weighing on the market, dealers said.

The Key Hang Seng index lost 93.45 points to close at 11,210.25 on turnover of 6.88 billion dollars ($883 million).

CF brokerage investment strategist Y.K. Chan said the market's falls were led by profit-taking in HSBC and China Mobile, with most investors remaining on the sidelines ahead of a slew of Blue Chip Corporate earnings next week, including PCCW, Hutchison Whampoa and Cheung Kong.

He suggested present economic conditions and earnings outlooks for most local companies may not support substantial market gains in the near term, and said there remained quite a bit of resistance at the 11,300 points level.

Celestial Asia securities director Josephine Hui said the Hang Seng March contract traded at a substantial discount to the benchmark index throughout the session, creating pressure on the cash market.

"The weak March contract is in part due to the ex-dividends of some Blue Chips, but today the discount against the cash market widened," she said.

China Mobile closed down 40 cents at 24.95 dollars. The company is due to report 2001 earnings Monday, with analysts estimates ranging from 25.26-30.71 billion yuan according to Multex Global estimates.

China UNICOM was down 15 cents at 7.70 dollars, Hutchison Whampoa was 50 cents lower at 68.75 dollars while PCCW gained one cent to 1.95 dollars.