HONG KONG, Nov. 30 (Xinhua) -- Expectations on a possible U.S. interest rate cut continued to support Hong Kong property stocks and pushed up the benchmark index Friday.

The benchmark Hang Seng Index ended up 161.07 points, or 0.57 percent, at 28,643.61 after trading between 28,436.71 and 28,792. 30 during the session. The index has recorded gains totaling more than 2,103 points during the past five trading sessions.

H-share index, which reflected the performance of state-owned companies registered in the Chinese mainland, rose 101.89 points, or 0.52 percent, to 19,779.56.

Turnover rose to 116.49 billion HK dollars (14.97 billion U.S. dollars) from Thursday's 146.59 billion HK dollars (18.84 billion U.S. dollars).

Traders said they are optimistic the index will again hit the 30,000 points-level shortly.

Local property companies rose on expectations local rates will be slashed, in the event of a cut in U.S. rates. The Hang Seng Index's property sub-index rose 427 points to 38,170.32. Sun Hung Kai rose 0.7 percent to 161.20 Hong Kong dollars, while peer Cheung Kong increased 1.7 percent to 146.30 Hong Kong dollars.

China's second-largest life insurer by premiums, Ping An, continued its upward trend of Thursday after it announced the 1.81 billion euro purchase of a 4.18 percent stake in the Dutch-Belgian financial institute Fortis. Ping An rose 3.3 percent to 85.95 Hong Kong dollars Friday.

The finance sub-index rose 136.79 points or 0.33 percent to 40,975.97.

The commerce and industry sub-index went up 135.80 points or 0.80 percent to 17,200.77.

The utilities sub-index fell 332.50 points or 0.84 percent at 39,390.69.