Hong Kong shares close up 0.8 pct, post best week in 2-1/2 months

HONG KONG Fri Nov 23, 2012 8:07am GMT

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HONG KONG Nov 23 (Reuters) - Hong Kong shares rose for a third-straight session and closed out their best week in 2-1/2 months on Friday, with the Chinese property sector the top performer.

The Hang Seng Index closed up 0.8 percent on the day and 3.6 percent on the week at 21,914 points. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.1 percent on Friday and 3.6 percent this week.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings closed up 0.7 percent on the day and 0.7 percent on the week. The Shanghai Composite Index rose 0.6 percent on Friday and 0.6 percent this week.

HIGHLIGHTS:

* Gains on the week were all four indexes' first in three weeks, but turnover in Hong Kong was just more than half of what it was when the Hang Seng Index jumped 4.2 percent during Sept 10-14.

* Chinese property stocks saw strong gains for a third straight session, driven by comments from the country's finance ministry and the vice-premier about market reforms in the world's second-largest economy. Two Hong Kong-based dealers also said on Friday there was market talk of a Chinese reserve rate cut over the weekend despite mainland money markets indicating little need for such a move.

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