HONG KONG (Dow Jones)--The Hong Kong dollar rose against the U.S. dollar for the fifth consecutive session, supported by continued strength in the local equities market.
In late Asian trade, the U.S. dollar was at HK$7.7833, down from HK$7.7841 late Thursday. The U.S. unit was fixed at HK$7.7822 earlier Friday.
Trading volumes were relatively light ahead of a key monthly U.S. jobs report due later in the global day, while mainland markets closed this week for China's National Day holiday.
"Trading of the pair remains a bit quiet with mainland markets closed this week, while some market participants are off during the week as well," a Hong Kong-based trader at a U.K. bank said.
Traders expect the U.S. unit to trade between HK$7.7800 and HK$7.7850 Monday.
At 0730 GMT, the blue-chip Hang Seng Index was up 2.5% at 17598.42, extending its 5.7% rally Thursday, led by gains in China financial and property stocks.
The one-year U.S./Hong Kong dollar forward contract was quoted at a discount of 305 points to the spot rate, compared with a 298-point discount late Thursday.
-By Susanna Tai, Dow Jones Newswires; 852-2832 2338; susanna.tai@dowjones.com
