Hong Kong Market surges on China support pledge

Hong Kong share market finished session significantly higher on Tuesday, 23 April 2024, extending yesterdays rally, as buying encouraged by tracking overnight rallies on Wall Street, with Chinese markets regulator CSRCs current pledge to boost the islands financial hub status further supported the momentum.

Chinas securities regulators unveiled measures on Friday to bolster the Hong Kong market by adding more exchange-traded funds to the Stock Connect programme and supporting listings of Chinese companies in the city

At closing bell, the benchmark Hang Seng Index jumped 317.24 points, or 1.92%, to 16,828.93. The Hang Seng China Enterprises Index added 123.36 points, or 2.12%, to 5,954.62.

 

Among blue chips, Pork processing giant WH Group jumped 5.8% to HK$5.80 after announcing its operating profit increased 37% in the first quarter. Sportswear maker Li Ning advanced 5.7% to HK$18.50 after a business update showed growth in retail and e-commerce sales in the first quarter.

Shares of tea shop operator Sichuan Baicha Baidao Industrial and Tianjin Construction Development Group tanked on their market debut. Baicha Baidao closed 27% lower from its IPO price of HK$17.50. The company raised HK$2.59 billion from its Hong Kong IPO. Tianjin Construction plunged 39% from its HK$2.50 IPO price.

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