Local Stocks End Week With Modest Gains

Hong Kong stocks finished on a slightly positive note on Friday, reversing a morning plunge, but investors remain on guard about the potential for rapid economic recovery to fuel inflation and lead central bankers to raise interest rates earlier than expected.

The Hang Seng Index rose 0.16 percent, or 49 points, to 30,644.

Turnover was a robust HK$253.3 billion.

Xiaomi surged nearly 6.5 percent to HK$30.65 on media reports that it plans to develop vehicles.

Most tech shares lost ground. Tencent, Meituan and Alibaba each shed about 1 percent.

Across the border, the benchmark Shanghai Composite Index rose 0.57 percent, or 20 points, to 3,696, while the Shenzhen Composite Index on China's second exchange added 0.75 percent, or 18 points, to 2,468.

Regional stocks were mixed. The Nikkei in Japan lost 0.7 percent, Taiwan was down 0.5 percent, Australian shares gave up 1.3 percent, while the Kospi in South Korea put on just over two-thirds of a percent. (Additional reporting by AFP)