Hong Kong shares rise to near two year high

Hong Kong stocks closed the week at a near two-year high, supported by an upbeat mood in global equity markets and continuous money inflows from China. Both the Hang Seng index and the Hong Kong China Enterprises Index rose 0.4 percent, to 25,924.05 and 10,666.43 points, respectively. For the week, the Hang Seng rose 1.1 percent, while the HSCI gained 0.4 percent.
Global stocks hit record highs and Asian markets rose to their best levels in more than two years, as solid data on US manufacturing and employment and buoyant European factory growth boosted investor optimism. Hong Kong stocks continued to benefit from investment from mainland China. On Friday, Chinese investors used up 14.3 percent of the daily quota under the Shanghai-Hong Kong Stock Connect to buy Hong Kong shares. Most sectors rose on Friday, but an index tracking the telecom sector dropped over 1 percent.