HONG KONG: Hong Kong stocks surged for the second day on Friday to trim losses for the week, tracking the turnaround in China’s markets after Beijing unleashed a series of support measures staunch losses after a worryingly steep decline.
The Hang Seng index rose 2.1 percent to end the day at 24,901.28 points, but was down 4.5 percent for the week in its biggest weekly decline since mid-March last year.
The China Enterprises Index climbed 3.6 percent in its best day since April 13. Closing at 11,858.55 points, it was still down nearly 6 percent for the week, the worst performance since May 2012.
China stocks rallied strongly for a second day, reversing an early-week slump in frenetic trading.
Analysts said it was still early to conclude the impact of the government’s support measures and the longer term effect had yet to be seen.
