Hong Kong stocks rebounded on Friday, but main indexes were down for the week as investors stayed concerned over China’s economic health and uncertainty remained about U.S. monetary policy.
The Hang Seng index rose 0.4 percent, to 21,186.32. The China Enterprises Index also gained 0.4 percent, to 9,512.26 points.
But for the week, the Hang Seng was down 3.4 percent while the lost 5.1 percent.
Risk appetites were curbed by signs China’s economy is still slowing. A private preliminary survey released during the week showed factory activity shrank to the lowest level since 2009.
Many investors also see Federal Reserves’ inaction on rates a week ago as a source of discomforting uncertainty, although Fed Chair Janet Yellen has left the door open to a hike in interest rates this year.
On Friday, Hong Kong’s financial and property stocks rose but most other sectors, including IT and materials shares, fell.
Chinese stocks traded in Hong Kong climbed after briefly falling past the low reached in the depths of this month’s rout.
The Hang Seng China Enterprises Index climbed 0.8 percent to 11,325.40 as of 11:10 a.m. local time Tuesday, after falling as much as 1.9 percent. Twenty-nine stocks climbed on the 40-member gauge. Hong Kong’s benchmark Hang Seng Index gained as much as 2.4 percent, the most since a rebound seen the day after the July 8 rout. Volume on the measure was 39 percent higher than its 30-day intraday average.
Before this week, the gauge of H shares had rebounded as much as 8.1 percent from a July 8 low as Chinese policy makers took unprecedented steps to end a $ 4 trillion stock slump. The sense of calm fostered by the measures was shattered Monday as the Shanghai Composite Index plunged 8.5 percent for its steepest fall in eight years. The mainland measure swung between gains and losses Tuesday after earlier falling as much as 5.1 percent.