HONG KONG: Hong Kong shares ended 0.56 percent higher Friday, ending a painful weak on a positive note as dealers brushed off more losses in mainland Chinese markets and a tepid lead from Wall Street.
The benchmark Hang Seng index added 138.30 points to 24,636.28 on turnover of HK$77.73 billion (US$10.03 billion).
The markets swung throughout the week, ending it more than three percent lower, as investors were spooked by renewed selling in China, where the Shanghai market slumped more than 10 percent over the past five days and 15 percent in July. That included an 8.48 percent collapse Monday, its heaviest loss in more than eight years.
Hong Kong investors were also unfazed by a flat session in New York, which came despite figures showing growth in the US economy picked up to 2.3 percent in April-June — the strongest growth since the third quarter of 2014.
And while the figure was a little below expectations, the department also revised up its estimate on the first quarter of the year to growth of 0.6 percent, from a 0.2 percent contraction.
Among the biggest gainers Friday was casino operator Galaxy Entertainment, which surged 5.62 percent to HK$35.70 on news it had bought a five percent stake in Societe des Bains de Mer et du Cercle des Etrangers a Monaco. The move comes as it looks to widen its revenue streams as gambling haven Macau struggles.
Rival Sands China also rose, adding 4.26 percent to HK$34.40.
