Hong Kong Market surges 5.4% on reopening rumors

Hong Kong share market finished session sharp higher on Friday, 04 November 2022, as bargain hunting triggered across the board on growing rumor that authorities might relax some of the country's strict COVID-19 prevention measures.

At closing bell, the benchmark Hang Seng Index advanced 821.65 points, or 5.36%, to 16,161.14. The Hang Seng China Enterprises Index was up 312.01 points, or 6.03%, to 5,482.52.

As per market talks, Beijing's zero These came after an unverified note being circulated earlier this week suggested that the Chinese government was forming a special committee to consider the scaling back of its zero-COVID policy, which will entail the reduction of testing, quarantine periods, and the eventual opening of borders.-COVID policy will soon have a substantial change. The latest rumors also suggest that the reopening will happen sooner than the initially speculated timeline of March 2023.

 

Shares of Hong Kong listed China tech heavyweights surged on the heels of speculation of China Covid restrictions easing. Tech giants Alibaba and JD.com soared 14% and 13%, respectively. Tencent added 9.85%, and Meituan gained 8.34%.

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