The Hong Kong stock market closed sharply higher this week.
The benchmark Hang Seng Index rose 2.5% on Friday, recovering from losses earlier this week. Previously, the US stock market rose for two consecutive days, and signs that the Federal Reserve may at least temporarily suspend interest rate hikes have encouraged US investors.
The Hang Seng Index is the best performing major stock index in Asia, but multiple stock markets rose on Friday:
--The South Korean Composite Index rose 1.1% as one of the leading internet companies in South Korea, Naver (035420. SE), achieved generous profits, providing a boost to the overall market.
--The Taiwan Stock Exchange's weighted index, which focuses on technology stocks, rose 0.7%, while the banking, industrial, and transportation sectors saw widespread gains.
--Chinese Mainland's CSI 300 index rose about 0.8%.
--The Hang Seng Index is still down more than 10% this year, with concerns about the Chinese economy and the impact of foreign investors withdrawing funds.
--The Japanese stock market was closed on Friday due to a public holiday.