July 14, 2017 / 8:25 AM / a year ago

Hong Kong stocks have best week in a year aided by Chinese investors

SHANGHAI, July 14 (Reuters) - Hong Kong stocks rose for the fifth straight day on Friday, recording their best weekly gain in a year, as the previous week’s correction attracted bargain hunting from mainland China investors.

Sentiment was also aided by a generally upbeat mood in Asian markets, amid consensus that the U.S. Federal Reserve will pursue a gradual rate tightening path.

The Hang Seng index rose 0.2 percent, to 26,389.23, while the China Enterprises Index gained 0.5 percent, to 10,728.07 points.

For the week, Hang Seng jumped 4.1 percent, the best showing since mid-July, 2016. The HSCE rose 4.6 percent.

Most sectors climbed, with property firms and raw material stocks leading the gains.

Vanke jumped 2.4 percent, before trading in the company’s shares was halted.

Vanke was among a Chinese private equity consortium that outbid rivals to acquire Global Logistic Properties (GLP) in a deal worth about S$16 billion ($11.6 billion).

Reporting by the Shanghai Newsroom; Editing by Jacqueline Wong

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