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HK shares end up 0.2 pct, first weekly gain in five
Published in Saudi Press Agency on 02 - 12 - 2011

Hong Kong shares reversed early losses to edge higher on Friday, to record the first weekly gain in five, but turnover slumped to about two-thirds of Thursday's level with investors wary ahead of U.S. payroll data later in the day, according to Reuters.
The Hang Seng Index closed up 0.2 percent on the day and up 7.64 percent on the week at 19,040.39. The China Enterprises Index finished up 0.67 percent on the day and up 10.16 percent on the week at 10,350.51.
The Shanghai Composite Index closed down 1.1 percent on the day and down 0.82 percent on the week at 2,360.66, underperforming regional peers as A-share turnover slumped to about two-thirds of Thursday's level.
HIGHLIGHTS:
* Friday's intraday reversal was down to a reversal in the financial sector, with thin trading volume playing a part in exaggerating price movements. Traders attributed the shift to a comments by German Chancellor Angela Merkel that boosted hopes of a resolution to the eurozone crisis as Germany and France step up efforts to find a solution. HSBC Holdings Plc, Europe's largest bank and the single largest weight on the Hang Seng Index, ended up 1.6 percent.
* Chinese footwear retailer, Belle International Holdings Ltd slumped 6.6 percent in more than six times its 30-day average volume. The bulk of it was down to an unidentified shareholder selling 50 million shares at a range of HK$14.30-14.60 each, or a 4.1-6 percent discount to the previous close, for about $93 million. Morgan Stanley is the sole bookrunner of the deal, according to a term sheet obtained by Reuters.
* A spike in the last 15 minutes of trade helped Want Want China Holdings Ltd and Tingyi (Cayman Islands) Holdings Holding Corp, new Hang Seng Index components from Dec. 5, gain 0.5 and 2 percent respectively. Want Want's gains came in almost 11 times its average 30-day volume, while Tingyi's came in six times its average.


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