HSI Ends With Gains But Posts Slight Weekly Loss

Local shares shook off concerns over earlier-than-expected interest rate hikes to finish higher on Friday.

The Hang Seng Index was buoyant throughout the day and closed 242 points, or 0.9 percent, higher at 28,801.

Market turnover was HK$205.5 billion.

But the Hong Kong benchmark logged a weekly loss of 0.1 percent.

The day's top blue-chip performer was Wuxi Biologics, which soared 9.4 percent to reach a new high after the company's executives lifted their sales and earnings guidance.

Meituan also gave the benchmark a boost, jumping 3.7 percent.

Anta Sports rose 6.4 percent, after the company issued a profit alert and a number of banks raised their target price on the stock.

Carmakers had a good day as well. Geely Auto surged 5.3 percent and BYD Company advanced 4.2 percent.

But mainland developers bucked the trend, with China Resources Land sliding 4.4 percent to become the biggest blue-chip loser of the day. China Overseas Land and Investment dropped 3.1 percent, while Country Garden lost two percent.

A stronger US dollar dragged oil prices down, pushing producers PetroChina and CNOOC down more than two percent. Sinopec was also down, by 3.9 percent.

Across the border, the Shanghai Composite and the blue-chip CSI300 index were flat, while the Shenzhen Composite edged up 0.8 percent.

Markets elsewhere in the region were mixed. The Nikkei in Tokyo was off 0.2 percent, Taiwan shed 0.4 percent, and Singapore was flat. But South Korea and Australia each added 0.1 percent.