Hong Kong Market rises 1.2%; Property, tech stocks leads

Hong Kong stock market finished session higher on Tuesday, 28 September 2021, as bargain buying on recently battered stocks resumed led by property developers stocks after the People's Bank of China pledges to ensure a healthy property market amid the China Evergrande Group crisis.

At closing bell, the benchmark Hang Seng Index rose 1.2%, or 291.61 points, to 24,500.39. The Hang Seng China Enterprises Index added 1.59%, or 136.48 points, to 8,720.30.

Shares of property developers advanced after China's central bank pledged to maintain a healthy property market in a signal it's prepared to contain any fallout from the Evergrande debt crisis. China Evergrande added 4.7% to HK$2.67. Longfor Group appreciated 7%, while Country Garden and China Resources Land climbed more than 4%. Sunac China surged about 15%.

 

Shares of technology companies advanced on tracking gains in US peers. Chinese tech companies have begun to allow services provided by rivals on their platforms to comply with directives from market regulators to end monopoly and exclusivity. Alibaba said its platform now accepts WeChat Pay operated by rival Tencent Holdings. Alibaba led gains with a 6.4% appreciation, while Meituan and Tencent Holdings added 1.4% and 1.1% respectively.

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