Hong Kong stock market rebound continues, spurred by Chinese securities regulator’s support pledge
Hong Kong stocks rise again after China’s pledge to support market
Hong Kong stocks climbed for a second day as investors ramped up their buying on expectations that a slew of supportive measures from the Chinese securities watchdog will aid sentiment.
The Hang Seng Index rose 0.6 per cent to 16,606.20 as of 9.50am on Tuesday after jumping 1.8 per cent a day earlier. The Hang Seng Tech Index gained 1.3 per cent and the Shanghai Composite Index retreated 0.8 per cent.
Pork processing giant WH Group jumped 3.1 per cent to HK$5.65 and e-commerce company JD.com surged 4.2 per cent to HK$104.80. Tencent Holdings advanced 2 per cent to HK$326.60 and Meituan added 2.3 per cent to HK$102.90.
The rebound in equities comes after China’s securities regulators unveiled measures to bolster the Hong Kong market by adding more exchange-traded funds to the Stock Connect programme and supporting listings of Chinese companies in the city. That offset concerns about the outlook for growth following China’s mixed first-quarter economic data.
The Hang Seng Index has dropped more than 2 per cent this year after a record run of four straight annual declines.
Stocks were also boosted by an overnight rally in US shares amid expectations that tech companies will deliver strong earnings results.
Traders will be keeping close tabs on corporate results, with the earnings season in full swing. Seven companies on the Hang Seng Index including Ping An Insurance Group and Hong Kong Exchanges and Clearing, which operates the bourse, are due to release their report cards this week.
Two companies started trading in the city on Tuesday. Tianjin Construction Development Group tumbled 17 per cent to HK$2.07, and Sichuan Baicha Baidao Industrial, which makes bubble tea, slumped 21 per cent to HK$13.74.
Other major Asian markets rose. Japan’s Nikkei 225 climbed 0.2 per cent, while South Korea’s Kospi rose 0.1 per cent and Australia’s S&P/ASX 200 added 0.4 per cent.
Hong Kong stocks climbed for a second day as investors ramped up their buying on expectations that a slew of supportive measures from the Chinese securities watchdog will aid sentiment.
The Hang Seng Index rose 0.6 per cent to 16,606.20 as of 9.50am on Tuesday after jumping 1.8 per cent a day earlier. The Hang Seng Tech Index gained 1.3 per cent and the Shanghai Composite Index retreated 0.8 per cent.
Pork processing giant WH Group jumped 3.1 per cent to HK$5.65 and e-commerce company JD.com surged 4.2 per cent to HK$104.80. Tencent Holdings advanced 2 per cent to HK$326.60 and Meituan added 2.3 per cent to HK$102.90.
The rebound in equities comes after China’s securities regulators unveiled measures to bolster the Hong Kong market by adding more exchange-traded funds to the Stock Connect programme and supporting listings of Chinese companies in the city. That offset concerns about the outlook for growth following China’s mixed first-quarter economic data.
The Hang Seng Index has dropped more than 2 per cent this year after a record run of four straight annual declines.
Stocks were also boosted by an overnight rally in US shares amid expectations that tech companies will deliver strong earnings results.
Traders will be keeping close tabs on corporate results, with the earnings season in full swing. Seven companies on the Hang Seng Index including Ping An Insurance Group and Hong Kong Exchanges and Clearing, which operates the bourse, are due to release their report cards this week.
Two companies started trading in the city on Tuesday. Tianjin Construction Development Group tumbled 17 per cent to HK$2.07, and Sichuan Baicha Baidao Industrial, which makes bubble tea, slumped 21 per cent to HK$13.74.
Other major Asian markets rose. Japan’s Nikkei 225 climbed 0.2 per cent, while South Korea’s Kospi rose 0.1 per cent and Australia’s S&P/ASX 200 added 0.4 per cent.
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