Hong Kong shares close up 0.7 pct, earn 3rd straight weekly gain

HONG KONG, Sept 21 Fri Sep 21, 2012 4:10am EDT

Related Topics

HONG KONG, Sept 21 (Reuters) - Gains on Friday helped Hong Kong shares achieve a third-straight weekly rise, with commodities-related sectors climbing after oil prices stabilised at the end of a volatile week.

The Hang Seng Index closed up 0.7 percent and 0.5 percent this week at 20,734.9. The China Enterprises Index of the top Chinese listings in Hong Kong ended up 1 percent but down 0.3 percent this week at 9,804.8.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings rose 0.1 percent, but slumped 5 percent this week. The Shanghai Composite Index inched up 0.1 percent, but was down 4.6 percent on the week.

HIGHLIGHTS:

* Hong Kong property developers were among the outperformers as investors rolled into sectors underpinned by real assets, which are expected to benefit from quantitative easing from global central banks. Henderson Land rose 2.1 percent, while Wharf Holdings jumped 3.1 percent.

* Chinese oil giant CNOOC Ltd rebounded 0.6 percent, but Friday's gain clawed back only a bit of Thursday's 3.5 percent tumble.

* Li & Fung fell 2.6 percent after it outlined late on Thursday a new sourcing agreement between its unit, Direct Sourcing Group Pte Ltd, and Wal-Mart Stores Inc that supersedes the buying deals made in January 2010. {ID:nH9E8JT00O]

* China Overseas Land & Investment slipped 0.7 percent while Air China rose 3.6 percent. The property company is replacing the airline as a component on the FTSE China 25 Index after Friday. (Reporting by Clement Tan; Editing by Richard Borsuk)

FILED UNDER: