Hong Kong Market recovers 0.52% on bargain buying

Hong Kong share market finished session modestly higher on Thursday, 01 February 2024, snapping two days falling streak, as bargain hunting resumed after Caixin-sponsored survey showed activity in Chinas manufacturing sector continued to grow in January with a further recovery in demand.

Also boosting sentiments was renewed bets that the Federal Reserve would resume monetary policy easing from May. The Fed kept its target range for funds rate at 5.25% to 5.5%, unchanged for a fourth straight meeting on Wednesday in Washington. The decision prompted traders to bets on a rate cut at the Feds third meeting in early May, after Chair Jerome Powell suggested it would be premature to do so in March.

At closing bell, the benchmark Hang Seng Index advanced 81.14 points, or 0.52%, to 15,566.21. The Hang Seng China Enterprises Index rose 29.44 points, or 0.57%, to 5,223.48.

Among blue chips, Alibaba Group rebounded 2.2% to HK$71.05. E-commerce peer JD.com added 0.8% to HK$87.50 and Tencent advanced 0.4% to HK$271.60. Online games operator NetEase rallied 2.8% to HK$155.80 and Baidu climbed 1.4% to HK$102.80. Chinese hotpot restaurant operator Haidilao surged 4.6% to HK$12.82 and Chinese sportswear make Li Ning advanced 6.1% to HK$17.62.

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