HK shares close up 0.1 pct, extend weekly winning streak

HONG KONG Feb 3 (Reuters) - Hong Kong shares reversed early losses to edge higher on Friday, posting a fifth straight weekly gain, but turnover slumped to the lowest in about three weeks ahead of fresh U.S. employment data due later in the day.

The Hang Seng Index ended up 0.08 percent on the day and up 1.25 percent on the week at 20,756.98. The China Enterprises Index of top mainland listings in Hong Kong ended up 0.19 percent on the day and up 1.39 percent on the week at 11,605.57.

The Shanghai Composite Index cut early losses to finish up 0.77 percent at 2,330.4, with strength in financials helping the benchmark close at the highest in almost two months in relatively improved turnover from Thursday.

HIGHLIGHTS:

* The Hang Seng Index moved in a narrow 157-point intraday range, supported by its 200-day moving average, now seen at about 20,511.5, which it broke above on Thursday.

* China Mobile Ltd, the mainland's largest cell phone operator and a popular defensive play, was the top drag on the Hang Seng Index, down 1.1 percent. Smaller rival China Unicom (Hong Kong) Ltd was down 1 percent. With investors seen rotating from defensive to financials and growth-sensitive sectors this week, China Unicom, which surged 47 percent in 2011 as the broader market plunged 20 percent, is down more than 5 percent on the week.

WEEK AHEAD:

* Beijing is expected to release a slew of January economic data next week, starting with inflation on Feb. 9 and trade on Feb. 10. Loan growth and money supply data is scheduled for release between Feb. 10 and 15. (Reporting by Clement Tan; Editing by Chris Lewis)