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Nikkei Markets

Hong Kong stocks rebound, but market ends week 0.5% lower

China Telecom and Sinopec advance after results, while consumer shares retreat

HONG KONG (Nikkei Markets) -- Hong Kong stocks closed higher for the first time in three days on Friday, with energy producers and some technology shares helping the market pare its second straight weekly loss.

The Hang Seng Index rose 0.9% to 30,280.67 after managing to stay above 30,000 despite intraday losses. China Mobile added 2.2%, contributing most to the index's gains for the day by points, while China Petroleum & Chemical (Sinopec) climbed 4.5% after reporting a 12.8% increase in first-quarter net profit to 18.77 billion yuan ($2.96 billion) late on Thursday. Energy producers CNOOC and PetroChina rose 2.5% and 1.8%, respectively, as global oil prices hovered near their highest levels since 2014. Apple supplier Sunny Optical Technology Group climbed 3.4%, narrowing this week's losses to 11.9%.

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