HONG KONG, Oct 3 (Reuters) - Hong Kong shares bounced back on Friday from losses stemming from pro-democracy protests, with Chinese real estate developers leading gains after Beijing announced measures to support a sagging housing market.
Concerns over the ongoing protests dragged Hong Kong’s benchmark index down to its most technically oversold level in 15 months, but short covering in the afternoon lent support to a substantial rebound, analysts said.
Hong Kong leader Leung Chun-ying has agreed to open talks with pro-democracy protesters but he and his Chinese government backers made clear they would not back down in the face of the city’s worst unrest in decades.
The Hang Seng Index closed up 0.6 percent at 23,064.56 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 0.4 percent.
For the holiday-shortened week - there were only three trading days - those indexes were still down 2.6 and 2.2 percent, respectively.
Hong Kong markets were shut on Wednesday and Thursday for public holidays. Those in the mainland will reopen on Wednesday, Oct 8.
Property companies were Friday’s standout gainers. China Resources Land spiked 5.0 percent, China Overseas Land & Investment surged 6.1 percent, and Sunac China Holdings soared 12.2 percent, its best day ever.
Late on Tuesday, China cut mortgage rates and downpayment levels for some home buyers for the first time since the 2008 global financial crisis.
Top index boost China Mobile climbed 3.5 percent, helped by news that Apple Inc’s iPhone 6 will be sold in China from Oct. 17. (Reporting by Grace Li; Editing by Richard Borsuk)