Hong Kong Market extends gain after Beijing calms frayed nerve

Hong Kong stock market finished higher for second straight session on Thursday, 29 July 2021, as investors continued bottom fishing on Beijing's efforts to soothe market nerves over its regulatory actions in the technology and education sectors, with almost half of the 30-member Hang Seng Tech Index advanced by more than 10%.

At closing bell, the benchmark Hang Seng Index advanced 3.3%, or 841.44 points, to 26,315.32. The Hang Seng China Enterprises Index added 3.8%, or 344.59 points, to 9,415.69.

The sub-index of the Hang Seng tracking the commerce & industry sector added 5.43%, while the finance sector rose 1.31%, and the properties sector rose 0.3%, while the utilities sector fell 0.44%.

 

Market jumped for a second day as Chinese authorities stepped up efforts to calm frayed investor nerves after a market rout. China's securities regulator convened executives of major investment banks on Wednesday night that the country will allow Chinese firms to go public in the U.S. as long as they meet listing requirements.

Among blue chips shares, Meituan rallied 9.3% to HK$228 while Tencent Holdings soared 10% to HK$491.80. Alibaba Group Holding jumped 7.5% to HK$196.90.

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