Hong Kong Market hits five-month high

Hong Kong share market finished session at five-month high on Wednesday, 04 January 2023, as risk sentiments underpinned after China's finance minister pledged to step up fiscal expansion this year, days after the central bank said it would implement prudent monetary policy to support an economy hurt by the COVID-19 disruptions.

At closing bell, the benchmark Hang Seng Index advanced 647.82 points, or 3.22%, to 20,793.11. The Hang Seng China Enterprises Index was up 231.55 points, or 3.39%, to 7,065.53.

Among blue chips, Alibaba Group Holding soared 8.7% to HK$96.40, Tencent Holdings rose 4.6% to HK$361 and Baidu advanced 8.2% to HK$124.20.

Longfor surged 11.6% to HK$26.95 and peer Country Garden jumped 7.1% to HK$2.88, leading a rally among mainland developers amid speculation Chinese lenders will lend further financial support to systemically important developers to staunch a market slump.

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