Hong Kong's Hang Seng index reversed earlier losses on Friday, after market sentiment was hit by a slide in oil prices, with traders turning their attention to a near certain US rate hike next week. The Hang Seng index gained 0.3 percent to 23,568.67, while the Hong Kong China Enterprises Index shed 0.3 percent to 10,069.10 points, dragged by Chinese energy giants.
For the week, the market was roughly flat. Traders said that with a US interest rate factored in at the Federal Reserve's March 14-15 meeting, attention was now shifting to how fast the Fed would tighten monetary policies further. Energy shares fell sharply for the second day, as bearish sentiment deepened although global crude prices inched up after dropping to their lowest in more than three months on Thursday.