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. But news of what could be the world’s largest IPO this year is helping to raise Hong Kong’s market, he said. Belgian brewer AB InBev is raising US$9.8 billion in Hong Kong. This, plus an expected decrease in interest rates by the US Federal Reserve at the end of the month, is helping to boost markets, said Tse. “These two thing are dominating the complexities of the market. We don’t expect too much from the trade talks,” he said. “It might take a long time, not just a couple of months, to solve the problem, so the market is focusing on other things.” Property stocks on the whole have done well in Hong Kong, ahead of an expected interest rate cut. Sun Hung Kai Properties gained 3.09 per cent this week, while CK Asset Holdings rose 1.06 per cent, New World Development added 3.44 per cent and Link Real Estate boosted 3.33 per cent. But, dragging the sector down, was a scandal that has rocked Hong Kong and China. Future Land Development Holdings continued losses to touch its lowest level since February. It fell 6.68 per cent on Friday to HK$6.71, after news that its chairman, Wang Zhenhua, was detained by police in Shanghai on allegations of child molestation. The stock has been cut to neutral by Goldman Sachs, with a price target of HK$7. S&P Global Ratings and Fitch Ratings, meanwhile, put Future Land on their negative credit watch lists. On Friday, Seazen, also founded and chaired by Wang, dragged Shanghai down. It fell the maximum-allowed 10 per cent for a second day, wiping out 18.4 billion yuan off its market capitalisation. In other management related news, Shanghai-listed China Shipbuilding Industry fell 2.33 per cent to 6.3 yuan, after its former general manager, Sun Bo, was sentenced to 12 years in prison on Thursday for corruption. China Tobacco International continued its roller-coaster ride. Speculators sent the stock soaring to a nearly 500 per cent gain since it listed on June 12, through to Tuesday. But on Wednesday it lost 3.42 per cent and on Thursday, 28.15 per cent, as investors took profit in a quiet market. It rose 20.9 per cent for the week to HK$16.66.