Hong Kong stocks closed higher Friday as the eagerly awaited U.S. labor data dashed hopes of an imminent rate hike from the Federal Reserve, prompting investors to return to riskier bets.

The Hang Seng Index rose by around 295 points, or roughly 1.3%, to end at 23,350.03, while the Hang Seng China Enterprises Index increased by 87.28 points, or 1.2%, to end at 7,699.76.

Investors were hunting for bargains after the latest non-farm payrolls report showed the US economy added 57,000 nonfarm jobs in June, the weakest tally since February and below the consensus of a 113,000 increase in a Bloomberg survey.

The cooling labor market doused expectations of an immediate rate hike and raised the odds that the Fed will keep rates on hold until October, Reuters reported.

In corporate news, HSBC (HKG:0005) disclosed plans to redeem $3 billion in debt due in 2027.

The bank plans to redeem its $2.3 billion worth of 5.887% senior unsecured bonds due 2027 and a further $700 million floating-rate senior unsecured bonds due 2027.