Hong Kong Market rebounds 1.7%

Hong Kong share market finished session sharply higher on Wednesday, 06 March 2024, trimming some of yesterdays losses, as bargain buying resumed after senior policymakers from mainland China's National Development and Reform Commission, Ministry of Finance, People's Bank of China and China Securities Regulatory Commission vowed expanded efforts to boost the national economy in a rare joint press conference.

Central bank governor Pan Gongsheng said China has ample room for monetary policy, and can afford to make further cuts to its reserve requirement ratio. While the new CSRC chairman Wu Qing promised further protection for investors in order to restore their confidence.

 

At closing bell, the benchmark Hang Seng Index advanced by 275.45 points, or 1.7%, to 16,438.09. The Hang Seng China Enterprises Index added 110.24 points, or 1.98%, to 5,672.97.

Among blue chips, JD.com jumped 7.8% to HK$89.20, ahead of its earnings release later today. Rival Alibaba added 3.1% to HK$71.85, Tencent gained 2.4% to HK$274.60 while Meituan added 2.7% to HK$88.70.

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