Hong Kong (CNN Business) Hong Kong's Hang Seng Index (HSI) ended up 1.4% Monday, the biggest daily gain in two weeks, continuing a slight rebound after last week's losses.

Although the index closed higher Friday, it slid nearly 4.8% overall last week. That was the Hang Seng's biggest weekly drop since August. The city has been rattled by violent protests that escalated in recent days.

The local economy has also been hit. The Hong Kong government warned Friday that mass protests could cause the economy to shrink by 1.3% this year , which would mark the first annual recession since 2009.

Tencent TCEHY jumped 3.1%. Bloomberg reported Friday that the Chinese social media and gaming giant was reportedly in talks with investors about a minority stake in Universal Music Group. UMG owner Vivendi first acknowledged in August that it was talking to Tencent about a stake in the business.

Shanghai Composite Index SHCOMP China'salso built on its earlier gains and closed up 0.6%. The People's Bank of China trimmed a key interbank lending rate Monday, two weeks after the central bank cut another important rate