Hong Kong Market closes mixed

Hong Kong share market finished session mixed on Monday, 04 March 2024, on caution ahead of Chinas top annual political gathering where it is widely expected that steps to stabilise markets and shore up the worlds second largest economy, will be unveiled.

Investors are cautiously awaiting for China's National Peoples Congress, the country's most important political event, for updates on specific policies to help support the slowing economy, resolve troubles in the property market and stabilize financial markets.

At closing bell, the benchmark Hang Seng Index edged up 6.53 points, or 0.04%, to 16,595.97. The Hang Seng China Enterprises Index fell 16.01 points, or 0.28%, to 5,712.83.

Among blue chips, food delivery platform Meituan gained 3.5% to HK$91.50 and gaming giant NetEase jumped 1.6% to HK$175.60. Sun Hung Kai Properties climbed 1.7% to HK$80.80 and CK Assets jumped 3.1% to HK$36.75 amid signs homebuyers are returning to the market. Drug maker Wuxi Biologics surged 11.7% to HK$21 and Wuxi Apptech jumped 12.5% to HK$56.55 as concerns over US sanctions eased.

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