Hong Kong shares rise; led by Li & Fung

Hong Kong shares ended up, lifted by a rally in Chinese shares in the afternoon session on gains led by Li & Fung and the property sector.

The Hang Seng Index closed up 1.2% at 21,436.70, its best day in three weeks.

The benchmark index closed down 0.5% on the week to its fourth consecutive week of losses.

The China Enterprises Index of the top Chinese listings in Hong Kong rose 2.44% on the day and 1.4% for the week, its largest weekly gain in five weeks.

The index of mainland enterprises had entered a bear market on Thursday, falling more than 20% since the start of December.

Shares in global sourcing firm Li & Fung soared 21.2%, its highest daily gain since Oct. 2008, as investors cheered better-than-expected earnings and focused on a plan that includes the spin-off of a unit that manages brands and licences.