Market ends week strong with new four-month high

Hong Kong stocks hit a new four-month high on Friday, powered by gains in tech stemming from news of a forthcoming symposium chaired by President Xi Jinping to boost private sector sentiment.

The benchmark Hang Seng Index closed at 22,620 points, up 805 points or 3.69 percent, bringing the weekly gain to 1,486 points or 7.03 percent.

The main board turnover was HK$364.6 billion.

The Tech Index gained 290 points or 5.55 percent, ending at 5,526 points.

The Hang Seng China Enterprises Index rose by 328 points or 4.1 percent, closing at 8,331 points.

Tech stocks surged with Tencent (0700) rising 7.42 percent, Alibaba (9988) increasing by 6.34 percent and Xiaomi (1810) climbing 7.32 percent.

This came after Reuters reported that President Xi plans to chair a symposium next week that will be attended by numerous entrepreneurs from the tech sector, including Alibaba co-founder Jack Ma Yun, Tencent chief executive Pony Ma Huateng, and Xiaomi chief executive Lei Jun.

Alibaba Health Information Technology (0241) skyrocketed by 29.1 percent, making it the top gainer among the blue-chip stocks.

Mainland stock markets also closed higher. The Shanghai Composite Index finished at 3,346 points, up 14 points or 0.43 percent. The Shenzhen Component Index closed at 10,749 points, rising 122 points or 1.16 percent.

STAFF REPORTER and REUTERS