Hong Kong shares finished 0.17 percent higher on Thursday after Wall Street brushed off gloomy data from the eurozone to hit another record high. The benchmark Hang Seng Index added 38.44 points to 23,082.68 on turnover of HK$60.80 billion ($7.83 billion). "The market remains in a consolidation phase. Whether it can break out the consolidation range around 23,000 next week hinges on China stocks," said Jackson Wong, vice president at Tanrich Securities.

Hong Kong's anti-corruption agency said Tuesday it is to carry out a criminal investigation into its former chief over allegations he spent vast sums on gifts for mainland officials. Timothy Tong is accused of overspending on gifts and overseas visits during his five years as commissioner of the Independent Commission Against Corruption (ICAC). According to papers released by Hong Kong's Legislative Council, he spent HK$220,000 ($28,000) on gifts, the bulk of which was for mainland officials, including a HK$4,000 stone carving.

HONG KONG - Hong Kong's economy stagnated in the first quarter as the highly trade-dependent Asian financial centre was held back by an unsteady global economy. Economic data released Friday showed that the southern Chinese city's economy grew a meagre 0.2 per cent in the first three months of the year when compared with the previous quarter. On a year-on-year basis, GDP grew 2.8 per cent, unchanged from the previous period. The government said exports grew 8.8 per cent. Export numbers also held up thanks to "solid growth" in mainland China and other Asian markets.

Hong Kong's economy saw modest year-on-year growth in the first quarter, with strong demand from mainland China offsetting a weak environment in the West, officials said Friday. Gross domestic product grew by 2.8 percent in the first three months of 2013, compared to the same period last year, a government statement said. Hong Kong registered the same growth rate in the previous quarter.