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Hong Kong: Blue chips rise for the day and week on China index gains
[HONG KONG] Hong Kong blue chip stocks rose on Friday as investors cautiously watched a surge in volatile China share indexes, ending the week in positive territory after four straight weeks of decline.
The Hang Seng index rose 1 per cent to end the day at 25,415.27 points, the highest close since July 3, and ending the week up 2.1 per cent.
The China Enterprises Index HSCE climbed 0.9 per cent to close at 11,850.14 points, but ended the week down 0.1 per cent for five straight weeks of decline.
China stocks closed up on Friday, overcoming a mid-week slide to end up for a second week, with market insiders saying the "national team" of brokerages, mutual funds and market regulators were intensifying intervention, especially in the futures market.
Belle International led gains in the Hong Kong blue-chip index, rising 4.7 per cent, offsetting a 1.4 per cent fall in China Resources Power.
CITIC Securities led the rise in the China companies index for the day, surging 8.7 per cent, wiping off the effect of a nearly 2 per cent drop in Tsingtao Brewery.