January 17, 2014 / 8:08 AM / in 4 years

Hong Kong shares end at 2-week high; AIA, Tencent jump

HONG KONG, Jan 17 (Reuters) - Hong Kong shares closed at their highest in more than two weeks on Friday, posting weekly gains that were largely buoyed by a strong showing in Asian insurer AIA Group and Chinese Internet giant Tencent Holdings.

The Hang Seng Index ended up 0.6 percent on the day and 1.3 percent on the week at 23,133.4 points, its highest closing level since Jan. 2.

Tencent jumped 6.4 percent this week to a record close, while AIA climbed 3.1 percent in its biggest weekly gain in three months.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong slipped 0.2 percent on Friday and ended flat this week.

Investors eschewed the Chinese banking sector amid tightening concerns in the mainland, manifest this week with the resumption of initial public offering approvals after more than a year and fears of a possible trust product default.

China Oilfield Services soared 8 percent on Friday ahead of the Monday release of its biggest client CNOOC Ltd’s 2014 strategy report.

Its H-shares will also see a bigger weightage on the MSCI Emerging Market index after market close on Jan. 20 and on the FTSE AW Index after markets shut on Jan. 23.

China Unicom, the country’s second-largest mobile provider, sank 1.9 percent to a six-month low on Friday and was among the top five most shorted stocks for a second session as bigger rival China Mobile finally launched the iPhone on its networks on Friday after years of discussions with Apple Inc..

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