Hong Kong Market extends gain to ninth day

Hong Kong share market finished higher for ninth consecutive session on Friday, 03 May 2024, with shares in property developers led the way on expectations of more stimulus measures and ass China stepped up efforts to spur an economic rebound.

At closing bell, the benchmark Hang Seng Index surged by 268.79 points, or 1.48%, to 18,475.92. The Hang Seng China Enterprises Index spurted 110.20 points, or 1.71%, to 6,547.29.

The benchmark Hang Seng Index sgained 4.7% on the week and has risen 20% from a January low, entering what is defined as bull-market territory.

The benchmark Hang Seng Index has risen 20% from a January low and has now entered what is defined as bull-market territory.

Among blue chips, HSBC, Tencent rose 1.2% to HK$364.60 and Alibaba added 4.1% to HK$79.20.

Banking shares extended gains, with China Construction Bank rising 0.8% and Industrial and Commercial Bank of China 1% higher. Insurance stocks also rose, with AIA jumping 3.4% to HK$61.35 and Ping An rising 4.1% HK$39.55.

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