Hong Kong stocks rebounded on Friday to
cap a three-week winning streak, helped by strength in the
energy sector and heavyweight China Vanke Co Ltd
, the mainland's second largest developer.
The benchmark Hang Seng index added 0.5 percent, to
22,937.38 points, hitting a 2-1/2-month closing high, while the
Hong Kong China Enterprises Index gained 0.7 percent, to
The main index added 1.9 percent this week.
Investors cheered Vanke's breakthrough in a high-profile
corporate power tussle that has lasted over a year, after its
No. 2 shareholder China Resources Group decided to sell its
entire stake to Shenzhen Metro Group.
Shares of the industry bellwether jumped around 5.7 percent
at the close, hitting one-month highs.
Nearly all sectors in the city made modest gains on Friday,
with the energy sector the best performer, up more than
Oil majors including CNOOC Ltd and PetroChina Co
Ltd rallied, up 2.4 percent and 2.6 percent,
respectively, as oil prices held sharp gains from the
previous two sessions.