Hong Kong shares rebound, eke out weekly gain, but China fears weigh

HONG KONG Fri Feb 21, 2014 3:11am EST

HONG KONG Feb 21 (Reuters) - Hong Kong's Hang Seng Index rebounded on Friday, led by a 2.8 percent gain for Tencent Holdings and posting its second-straight weekly gain ahead of a slew of corporate earnings results next week.

The Hang Seng ended up 0.8 percent at 22,568.2 points after suffering its biggest single-day loss in more than two weeks on Thursday. It climbed 1.2 percent this week and has now jumped more than 6 percent from Feb. 5 troughs.

The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.4 percent on the day to end flat for the week. It is still up almost 5 percent from February lows, but doubts persist about the durability of its rebound amid fears that China's economy is cooling more than expected.

A report in the official China Securities Journal on Friday, citing the research head at an agency under the State Council, suggested Beijing may be able to tolerate an economic growth rate of about, or below, 7 percent. Premier Li Keqiang previously suggested 7.2 percent was his base threshold.