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Hong Kong Market rises 0.6%

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Capital Market
Last Updated : May 17 2021 | 8:31 PM IST
Hong Kong stock market finished higher for second session in row on Monday, 17 May 2021, on tracking a sharp rebound on Wall Street last Friday, with shares of carmakers and technology stocks led rally, as the city's finance minister said the local job market will improve while the pandemic is under control.

At closing bell, the benchmark Hang Seng Index advanced 0.59%, or 166.52 points, to 28,194.09. The Hang Seng China Enterprises Index added 0.95%, or 98.89 points, to 10,503.84.

The sub-index of the Hang Seng tracking commerce & industry sector surged 1.38% and the finance sector added 0.07, while the utilities sector fell 2% and the properties sector shed 0.14%.

Market opened higher, in the wake of all three major U.S. price indexes including the Dow Jones Industrial Average extending gains Friday. Meanwhile, risk sentiments supported further after Financial Secretary Paul Chan Mo-po blog post that Hong Kong's high jobless rate will ease on the back of a sharp rebound in the economy while the city has largely put the local Covid-19 pandemic situation under control.

Shares of carmaker were higher, with Geely Auto up 3.8% to HK$18.24 while peer BYD climbed 6.3% to HK$152.90. Great Wall Motors rose by more than 7%.

Shares of food-delivery platform operators were up, with Meituan leading gainers with a 4.2% jump to HK$254.20, while Tencent Holdings added 3% to HK$600.50.

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First Published: May 17 2021 | 6:12 PM IST

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