Hong Kong stocks hit a near one-year closing high on Friday, posting their straight third weekly gains, buoyed by robust mainland inflows via the Stock Connect.

** The Hang Seng index rose 0.3% to end at 28,573.86, its highest closing level since Jan. 17, 2020, while the China Enterprises Index gained 0.2% to 11,320.53.

** For the week, HSI gained 2.5%, while HSCE rose 3.3%, both posting their third straight weekly gains.

** According to Refinitiv data, mainland investors continued to pile in, purchasing a net 14 billion yuan ($2.16 billion) worth of Hong Kong stocks via the Stock Connect linking mainland and the Asian financial hub, shrugging off the latest Sino-US tensions.

** Asian and European investors are snatching up discounted Chinese stocks hit by a US investment ban, finding bargains as giant American funds bail out and shrugging off concerns that the sanctions could hurt the companies' prospects.

** The Trump administration in its waning days took another swipe at China and its biggest firms on Thursday, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms.

** Financials firms led the gains on Friday, as more Chinese banks expect solid profit growth for the year of 2020.

** China's monetary policy will provide necessary support for the country's economic recovery in 2021, Chen Yulu, a vice governor at the People's Bank of China (PBOC), said.

** Bucking broader gains, shares of Xiaomi Corp slumped 10.3%, after the smartphone maker was included in Trump's Chinese military blacklist.