Hong Kong shares down 0.6 pct, suffer 6th straight losing week
HONG KONG, June 21 (Reuters) - Hong Kong shares suffered a sixth-straight weekly loss, but on Friday pared hefty early losses thanks to a recovery in some Chinese bank counters after funding costs dropped, easing fears of a broader banking crisis on the mainland.
The Hang Seng Index closed down 0.6 percent at 20,263.3 after opening below the 20,000-point mark and about 2 percent off. The China Enterprises Index of the top Chinese listings in Hong Kong slipped 0.3 percent. This week, they slumped 3.4 and 4.4 percent respectively.
The CSI300 of the leading Shanghai and Shenzhen A-share listings closed down 0.2 percent at 2,317.4 points after being off more than 2.2 percent in early Friday trade. The Shanghai Composite Index slipped 0.5 percent. Both sank 4.1 percent for the week.
* The Hang Seng benchmark is now on its longest run of weekly losses since an streak of eight in September and October 2008.
* China banks were broadly weaker, but pared losses on the day, with the larger banks eking out gains. The weighted average overnight bond repurchase rate - a measure of the cost of funds - fell to around 9 percent by midday from Thursday's close of 11.62 percent.
* Traders said there was fresh buying in some of this week's worst-hit sectors and firms with better balance sheets. Some short covering in index futures and exchange-trade funds (ETFs) also helped.
* Macau casino operator Galaxy Entertainment dived 8.4 percent, falling further from Wednesday's record closing high after JP Morgan downgraded the stock from overweight to neutral.