Hong Kong shares rise, H-shares post best weekly gain in 2 months
HONG KONG, Nov 1 (Reuters) - Hong Kong shares ended slightly higher on Friday, with the Chinese banking sector buoyed by declining money rates in the mainland and a pair of surveys showing solid manufacturing activity in the world's second-largest economy.
The Hang Seng Index finished up 0.2 percent on the day and 2.4 percent on the week at 23,249.8 points. This is its biggest weekly gain since the week ended Sept. 20.
The China Enterprises Index of the top Chinese listings in Hong Kong climbed 0.5 percent on Friday and 4.9 percent this week - its biggest weekly gain since climbing 5.2 percent in the week that ended Sept. 6.
Gains came in weak turnover, totalling just $6.3 billion and 16 percent below its 20-day moving average.
Tingyi Holdings spiked 6.4 percent to its highest closing level in almost a year, with traders citing local news reports that the Chinese food and beverage giant is planning to start a venture with a Japanese baby formula manufacturer.
Robust readings from China's official and the Markit/HSBC October manufacturing purchasing manager index (PMI) surveys helped eased growth concerns after a big divergence between the two in September and ahead of a key Nov. 9-12 policy meeting.
Short-term money rates in the mainland touched their lowest in more than a week on Friday, following two cash injections by the central bank earlier this week that eased fears of a repeat of the dramatic end-June cash crunch.