Chinese regulators support pledge underpins sentiment
Hong Kong share market finished session higher on Monday, 22 April 2024, as risk underpinned on cooling of Middle East tensions and China securities regulator's decision to promote the city's status as a global financial centre.The China Securities Regulatory Commission announced late on Friday that it will allow Hong Kong listings by leading Chinese companies to broaden the investment link between China and Hong Kong. The investment link between mainland China and Hong Kong will be broadened to include real estate investment trusts (REITs) and yuan-denominated stocks listed in Hong Kong. In addition, the bar will be lowered for exchange-traded funds (ETFs) under Stock Connect.
At closing bell, the benchmark Hang Seng Index jumped 287.55 points, or 1.77%, to 16,511.69. The Hang Seng China Enterprises Index added 84.65 points, or 1.47%, to 5,831.26.
Among blue chips, Hong Kong Exchanges and Clearing rose 2.5% at HK$220, Tencent jumped 5.3% to HK$320, and food delivery company Meituan advanced 5.6% to HK$100.60. E-commerce behemoth Alibaba was up 2.5% at HK$68.35. Li Auto closed 8.3% lower at HK$97.45 after a discount war spread to the premium segment in the worlds biggest electric vehicle market.
Shares of energy sector declined after crude prices retreated on the build-up in US inventories and a cooling of Middle East tensions. Offshore oil and gas major CNOOC fell 2.5% to HK$18.16 and PetroChina, Asias largest oil and gas producer, slumped 2.7% to HK$7.29.
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