Hong Kong Market climbs to 3-month peaks

Hong Kong share market finished session at highest in three months on Tuesday, 12 March 2024, as investors chased for bottom fishing across the board on expectation of corporate buy-back offers after e-commerce giants Wuxi AppTec, Alibaba Group Holding, and JD.com unveiled such plans in recent weeks.

At closing bell, the benchmark Hang Seng Index advanced by 505.93 points, or 3.05%, to 17,093.50, its highest since November 28. its highest since November 28. The Hang Seng China Enterprises Index added 200.63 points, or 3.49%, to 5,949.52.

Chinese property stocks jumped on expectations that Beijing will ramp up funding support to rescue the bigger players in the troubled sector. Expectations are mounting that Chinas state-owned banks will raise as much as 80 billion yuan in syndicated loans to support China Vanke, the nations second-largest developer by market value. Longfor Group Holdings and China Resources Land led the rally among Chinese developers, rising at least 10%.

Drug maker Wuxi AppTec climbed 5.6% to HK$51.75 after saying it spent 50 million yuan (US$7 million) repurchasing its onshore shares trading in Shanghai on Monday.

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