Hong Kong stocks have best week in a year aided by Chinese investors

SHANGHAI, July 14 (Reuters) – Hong Kong stocks rose for the
fifth straight day on Friday, recording their best weekly gain
in a year, as the previous week’s correction attracted bargain
hunting from mainland China investors.

Sentiment was also aided by a generally upbeat mood in Asian
markets, amid consensus that the U.S. Federal Reserve will
pursue a gradual rate tightening path.

The Hang Seng index rose 0.2 percent, to 26,389.23,
while the China Enterprises Index gained 0.5 percent, to
10,728.07 points.

For the week, Hang Seng jumped 4.1 percent, the best showing
since mid-July, 2016. The HSCE rose 4.6 percent.

Most sectors climbed, with property firms and raw
material stocks leading the gains.

Vanke jumped 2.4 percent, before trading in the
company’s shares was halted.

Vanke was among a Chinese private equity consortium that
outbid rivals to acquire Global Logistic Properties (GLP)
in a deal worth about S$16 billion ($11.6 billion).

(Reporting by the Shanghai Newsroom; Editing by Jacqueline
Wong)

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