Hong Kong Market rebounds on bargain hunting

Hong Kong stock market finished higher for the first time in three consecutive sessions on Wednesday, 28 July 2021, as investors chased for bottom fishing on hopes recent steep selloff triggered by regulatory fears over sectors such as technology and private education was overdone.

At closing bell, the benchmark Hang Seng Index advanced 1.54%, or 387.45 points, to 25,473.88. The Hang Seng China Enterprises Index added 2.16%, or 191.52 points, to 9,071.10.

The sub-index of the Hang Seng tracking the commerce & industry sector added 2.77%, while the finance sector rose 0.11%, and the properties sector rose 1.22%, while the utilities sector fell 0.55%.

Among blue chips shares, internet giant Tencent gained 0.3% while Alibaba rose 1.8% and Meituan surged 7.5%.

Shares of firms in the private education space, another sector hit by regulatory scrutiny, bounced back after heavy losses earlier in the week. New Oriental Education & Technology Group gained 9.7% while Koolearn Technology jumped 9.2%.

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