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Hong Kong: Shares end firmer despite China slowdown concerns
[HONG KONG] Hong Kong stocks ended firmer on Friday, as China slowdown worries were offset by the upbeat mood from strength on Wall Street and relief that a centrist was appointed head of the US Federal Reserve.
The Hang Seng index rose 0.3 per cent, to 28,603.61, while the China Enterprises Index was unchanged at 11,602.40 points For the week, the Hang Seng was up 0.6 per cent but the HSCE lost 0.4 per cent.
Investors were relieved by news that Fed Governor Jerome Powell would become the new head of the US central bank, signalling policy continuity.
Meanwhile, further gains in main US equity indexes also helped offset a private survey showing activity growth in China's services sector remained modest in October and was much weaker than historical trends.
Most sectors rose. An index tracking IT companies gained 1.4 per cent.