Hong Kong shares rise for a fifth straight week but investors tread with caution
- But Hang Seng Index ends the day 0.1 per cent lower
- Shanghai composite rises 0.2 per cent
Hong Kong stocks gained for a fifth straight week despite closing slightly lower on Friday, as investors stayed on the sidelines ahead a meeting between Chinese and US officials next week to try and resolve the year-long trade war.
The Hang Seng Index fell 0.1 per cent to 28,774.83 on Friday, but was up 0.81 per cent for the week.
In the mainland, the Shanghai Composite rose 0.2 per cent to 3,011.06, taking its five-day gains to 1.08 per cent. This reversed last week’s losses.
The gains also brought the benchmark back up above the 3,000 mark after the previous week’s decline.
The CSI 300 index of large caps rose 0.5 per cent to 3,893.20, and was up 1.77 per cent for the week.
Markets have been cautious this week as traders are taking in the “many things that have happened these couple of weeks: protests [in Hong Kong], improved sentiments on trade tensions, and the market anticipating a meeting next week between China and the US,” said Louis Tse Ming-kwong, managing director of VC Asset Management.