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Hong Kong shares close up 0.47%

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(GlobalPost/GlobalPost)

Hong Kong shares finished 0.47 percent up Friday, in line with a rise on the Shanghai stock market and after impressive gains on the Tokyo bourse fuelled by the dollar's surge past the 100-yen mark.

The benchmark Hang Seng Index added 109.74 points to end at 23,321.22 on turnover of HK$55.55 billion ($7.26 billion).

Earlier in the day, Tokyo stocks jumped 2.03 percent to their highest level in over five years after the dollar surged above the 100 yen mark for the first time since April 2009.

Hong Kong recovered from early session losses to finish higher, gaining 2.8 percent for the week.

Sinopec rose 0.5 percent at HK$8.69 but China Resources Power plummeted 10.0 percent to end at HK$22.85 and China Resources Gas fell 3.9 percent to HK$21.00.

Chinese shares closed up 0.62 percent in cautious trade. The benchmark Shanghai Composite Index rose 13.86 points to 2,246.83 on turnover of 81.3 billion yuan ($13.2 billion).

Analysts said traders were hedging their bets due to worries over the pace of China's growth and uncertainty about when regulators will speed up approval of initial public offerings.

"Economic data is worse than expected and nobody knows when China will reopen the IPO floodgates," Zheshang Securities analyst Wang Weijun told Dow Jones Newswires.

"There are so many uncertainties that investors dare not put money in the stock market."

Coal firms rose on hopes for more business as fuel becomes more expensive. Shanxi Meijin Energy Co. surged 9.97 percent to 12.02 yuan.

Wind energy equipment makers also gained on hopes of more overseas business. Titan Wind Energy jumped 9.98 percent to 21.93 yuan and Sinovel Wind Group rose 9.96 percent to 5.52 yuan.

But entertainment-related shares fell on profit-taking. Zhejiang Huace Film and TV Co. fell 6.81 percent to 17.78 yuan and Huayi Brothers Media dropped 6.25 percent to 26.84 yuan.

-- Dow Jones Newswires contributed to this report --

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http://www.globalpost.com/dispatch/news/afp/130513/hong-kong-shares-close-047