Cruse and Associates Economy Review: Hong Kong shares end 2.

http://www.theaustralian.com.au/business/breaking-news/hong-kong-stocks-open-up-023/story-e6frg90f-1226624325692 HONG Kong shares ended 2.33 per cent higher on Friday, capping a tough week for global markets after China released data showing growth in the world's number two economy had slowed. The benchmark Hang Seng Index added 501.05 points to end at 22,013.57 on turnover of $HK65.98 billion ($A8.30 billion). World markets were hit on Monday when China released figures showing the economy grew 7.7 per cent in the January-March quarter, slower than expected and weaker than the 7.9 per cent in the previous three months. The news raised questions about the strength of a recent pick-up in the economy, which is a key driver of growth for other nations. On Thursday the Hong Kong rally was helped by a jump in Shanghai that came thanks to reports in state media that China could approve as early as this month new investment quotas for overseas financial institutions looking to enter the market. Lenovo rebounded 9.5 per cent to HK$7.06 on news it is in talks to buy part of IBM's server unit. The jump follows a recent slump fuelled by concerns about demand for PCs after data showed sales had tumbled. China Unicom climbed 7.3 per cent to HK$10.26, while mainland developer China Overseas Land rose 5.8 per cent on bargain-hunting. HSBC rose 1.82 per cent to HK$81.10, while Cathay Pacific added 0.77 per cent to HK$13.08. Chinese shares ended up 2.14 per cent. The benchmark Shanghai Composite Index jumped 47.04 points to 2,244.64 on turnover of 95.4 billion yuan ($15.4 billion). The index rose 1.72 per cent for the week, despite Monday's poor data. "The market rebounded after losses in previous sessions. News that overseas capital might enter the A-share market soon is also favourable to brokerages.

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