Hong Kong stocks have closed 0.35 per cent higher, clawing back heavy losses from a bad week after news China's economic growth did not slow in the second quarter as much as feared.
The benchmark Hang Seng Index rose 67.52 points to 19,092.63 on low turnover of HK$38.04 billion ($4.90 billion) on Friday, but it still finished down 3.57 per cent for the week.
China reported economic growth slowed to 7.6 per cent in the second quarter, its slowest pace for more than three years, but investors were relieved as many had feared a worse slowdown in the world's second-largest economy.
Traders have now turned their focus to the possibility that Beijing may take more action to boost the economy, following recent interest rate cuts as well as reductions in the amount that banks must hold in reserve.
Footwear retailer Belle International was the best-performing blue-chip company of the day, rallying 4.0 per cent to HK$13.62 after reporting strong second-quarter sales.
Chinese banks rebounded after their sell-off earlier in the week. China Construction Bank rose 0.6 per cent to HK$4.78 but for the week it slumped 7.2 per cent. ICBC closed up 0.8 per cent at HK$4.02 but was down 5.6 per cent for the week.
Sun Hung Kai Properties shares were suspended soon after the start of trading on Friday.
The real estate giant's co-chairmen Thomas and Raymond Kwok were later charged with corruption, along with a former senior official, in the biggest graft scandal the regional banking hub has seen.
Chinese shares closed flat, edging up 0.02 per cent, little affected by the widely anticipated growth figure.
The benchmark Shanghai Composite Index ended up 0.41 points at 2,185.90 on turnover of 56.1 billion yuan ($8.8 billion), but it fell 1.69 per cent over the week amid growing concerns about the domestic economy.
"Economic data released today confirmed investors' pessimistic perceptions of the domestic economy and raised concerns over the earnings outlook for listed companies," Shen Jun, an analyst at BOC International, told AFP.
Shares of beverage makers rose as they are considered a haven in an economic downturn, analysts said. Laobaigan Liquor jumped 7.28 per cent to 36.69 yuan while Chongqing Brewery gained 3.74 per cent to 21.37 yuan.
Metals stocks fell on fears the economic slowdown would lead to declining demand and hurt profits. Rising Nonferrous Metals lost 1.88 per cent to 68.82 yuan while Jiangxi Copper shed 1.36 per cent to 23.26 yuan.
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