Hong Kong stocks close up 0.49%

HONG Kong shares have closed 0.49 per cent higher after US third-quarter economic growth was revised upwards.

The benchmark Hang Seng Index on Friday added 107.50 points to end at 22,030.39 on turnover of $HK80.03 billion ($A9.95 billion).

The market tracked gains on Wall Street following news from the Commerce Department that the economy grew 2.7 per cent in the three months to September, faster than the 2.0 per cent first estimated.

Jobless claims also fell back to 393,000 in the most recent week, the Labour Department said on Thursday.

Confidence is also high that US lawmakers will be able to agree a deal to avoid the fiscal cliff of tax hikes and spending cuts due on January 1 that will likely tip the country back into recession.

The Dow was up 0.28 per cent, the S&P 500 gained 0.43 per cent and the Nasdaq added 0.68 per cent.

The gains came on further fund inflows, with the de facto central bank selling $HK8.86 billion worth of local dollars on Thursday to defend the currency peg to the US dollar.

Eyes are also on the release on Saturday of official manufacturing activity data out of China, with dealers hoping for continued improvement.

Hong Kong Exchanges & Clearing fell 0.8 per cent to $HK123.80 after saying it was raising around $US1 billion ($A963.07 million) in a share placement. The move comes after it recently got approval from Britain's Financial Services Authority for a US$2.2 billion buyout of the London Metal Exchange.

Chinese shares ended up 0.85 per cent, bouncing back slightly after falling close to four-year lows on Thursday.

The benchmark Shanghai Composite Index rose 16.63 points to 1,980.12 on turnover of 37.7 billion yuan ($A5.78 billion). The index lost 2.3 per cent for the week.

"Any rebound isn't sustainable unless there is substantial government intervention and liquidity injection," Tang Yonggang, an analyst at Hongyuan Securities, told Dow Jones Newswires.

Property and building material stocks rose after Vice Premier Li Keqiang said China's development requires urbanisation.

Anhui Conch Cement gained 4.9 per cent to 16.48 yuan and Jiangxi Wannianqing Cement jumped 6.1 per cent to 10.35 yuan.

Property developer China Vanke rose 3.8 per cent to 8.75 yuan and Poly Real Estate Group jumped 3.3 per cent to 11.47 yuan.

Banks also rose with China Construction Bank edging up 0.3 per cent to 4.17 yuan and Pudong Development Bank rising 0.7 per cent to 7.46 yuan.

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