Hong Kong stocks rose on Friday, posting their second successive weekly gain, led on the day by blue chips CNOOC and HSBC after better-than-expected US jobs data eased worries of a double-dip recession. Also, data from China showed imports leapt in August, boding well for a strengthening of domestic demand in an economy that has become a major driver of global growth.
The benchmark Hang Seng index edged up 0.4 percent to bring its weekly gain to 1.4 percent, although shares of mainland firms listed in Hong Kong underperformed the broader market to drag on the index. Shares of China's largest offshore oil-and-gas producer CNOOC was the top gainer on the Hang Seng index, up 3.2 percent, as crude prices approached a three-week high after a leak forced a shutdown of a major Canada-to-United States pipeline.
Heavyweight HSBC rose 1.1 percent, supporting the broader index in the wake of firm banking stocks in Europe on Thursday. Bucking the trend, China Mobile shares slipped 1.2 percent and were the biggest drag on the Hang Seng. Vodafone sold its 3.2 percent stake in China Mobile for $6.5 billion. China's main stock index reversed earlier losses as buyers focused on sectors for which Beijing has announced supportive government initiatives, such as renewable energy and rare earths. The Shanghai Composite Index ended at 2,663.2 after dropping 1.4 percent on Thursday. It finished the week slightly higher. Shanghai shares have alternated between gains and losses for the past 6 weeks.
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