Hong Kong shares end week higher, autos gain
HONG KONG |
HONG KONG Oct 5 (Reuters) - Hong Kong shares rose for a fifth straight session on Friday to end the holiday-curtailed week higher, helped by a recovery in oil-related stocks while autos jumped after Germany's BMW reported strong sales in China last month.
The Hang Seng index rose 0.5 percent to 21,012.4 bringing its weekly gain to 0.8 percent. The China Enterprises index rose 1.2 percent, outperforming other Asian benchmarks.
Gains came on low volumes as caution ahead of U.S. payrolls data, scheduled for 1230 GMT, and Chinese markets reopening on Monday after a week-long holiday kept trading activity subdued.
* Chinese automobile stocks were among the day's top performers with Brilliance China Automotive Holdings, BMW's joint venture partner, up 5.9 percent. Baoxin Auto, on which Goldman Sachs initiated coverage with a "buy" on Thursday, rose 7 percent.
* China Oilfield Services rose 5.3 percent and was the biggest gainer on the China Enterprises index after an industry publication reported it had bought a second-hand rig to increase capacity. Analysts at Nomura, who rate the stock a "buy", upgraded their earnings forecasts for the company on expectations of more purchases.
* Shares of Hong Kong's top mall operator, Wharf Holdings, fell 1.5 percent while Swire Properties lost 1.3 percent after weak retail sales data pointed to lower spending by Chinese tourists. (Reporting by Vikram Subhedar; Editing by Anne Marie Roantree)
- Tweet this
- Share this
- Digg this