Hong Kong shares rebound, Hang Seng gains for fourth month

Hong Kong stocks ended higher on Friday, snapping a three-day losing streak, as investors awaited earnings from tech giant Alibaba (9988).

The benchmark Hang Seng Index rose 78 points, or 0.31 percent, to close at 25,077 after gaining as much as 278 points earlier in the session.

For August, the index advanced 304 points, or 1.22 percent, marking a fourth consecutive monthly gain. On the week, however, it shed 261 points, or 1.03 percent.

The China Enterprises Index added 30 points, or 0.34 percent, to 8,947, while the Hang Seng Tech Index rose 30 points, or 0.53 percent, to 5,674.

Turnover on the main board was HK$335.6 billion.

China’s indexes extended their winning streak to a fourth month in August, posting their strongest monthly advance in almost a year.

The Shanghai Composite Index closed up 14 points, or 0.37 percent, at 3,857 on Friday, bringing a weekly gain of 0.84 percent and an 7.97 percent rise for the month.

The Shenzhen Composite Index jumped 124 points, or 0.99 percent, to 12,696 after briefly hitting a more than three-year high. It added 4.36 percent for the week and 15.32 percent in August.

STAFF REPORTER