* HSI +0.3 pct, H-shares +0.6 pct, CSI300 +0.3 pct
* ChiNext index hits record high
* China tourism sector rises on policy support
* Li & Fung hits 7-week low after weak H1 results
(Updates to midday)
By Grace Li
HONG KONG, Aug 22 China shares edged higher at
midday Friday, helped by blue-chips, and might produce a sixth
straight weekly gain, which would be the longest such streak
since March 2012.
Hong Kong shares also rose, tracking gains in most other
Asian markets after upbeat U.S. economic data sparked another
record close on Wall Street.
The Hang Seng Index added 0.3 percent at 25,073.76
points. The China Enterprises Index of the top Chinese
listings in Hong Kong climbed 0.6 percent. For the week, they
were up 0.5 percent and down 0.9 percent, respectively.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings was up 0.3 percent on Friday, while the
Shanghai Composite Index edged 0.2 percent higher at
2,235.80 points. Both swung between negative and positive
territory in the morning.
On the week, they were up 0.1 and 0.4 percent, respectively.
If the gains hold, this would be the sixth straight winning week
for both indexes.
On mainland markets, energy and banks were generally higher.
PetroChina was the top index boost in Shanghai,
up 0.5 percent after Thursday's drop of 0.9 percent.
"The market has been in a consolidating trend for the past
few weeks and the consolidations were relatively strong, so the
indexes are only slowly moving up," said Zhang Qi, a
Shanghai-based analyst with Haitong Securities.
"Volumes remained robust with money mostly in small-caps
like media stocks," he added.
Media companies maintained the momentum begun on Monday by
President Xi Jinping's comment and a policy announcement
supporting the industry. Shanghai Xinhua Media
surged the maximum daily limit of 10 percent.
People.cn spiked another 4.9 percent, taking its
gain this week to 36 percent. The website operator of Chinese
government's official newspaper said late on Thursday it planned
to acquire 35 percent stake in a Shanghai-based software firm
for 182.7 million yuan ($29.66 million).
Travel companies also outperformed as China aims to double
domestic spending on tourism by 2020 by offering financial and
other support to the sector.
Beijing Jingxi Tourism Development jumped by the
10 percent limit and Zhang Jia Jie Tourism Group
climbed 5.4 percent.
With investors turning to growth stocks from cyclical
counters due to deepening concerns about the economy, the
ChiNext Composite Index - comprising startups in
mainly nascent industries listed in Shenzhen - rose 0.7 percent
to a record high.
In Hong Kong, shares of Li & Fung fell 4.4 percent
to a six-week low after the global sourcing group posted
weaker-than-expected core operating profit for the first half.
(1 US dollar = 6.1589 Chinese yuan)
(Editing by Richard Borsuk)