Friday, January 27, 2023

Tech, property shares lift HK stocks as recovery hopes brighten - Business Recorder

Last updated Wednesday, January 4, 2023 22:05 ET , Source: TopWireNews

HONG KONG: Hong Kong stocks on Wednesday jumped to their highest since July, while China stocks extended gains, as hopes of a post-COVID recovery, along with supportive policies for real estate and tech companies, boosted the market.
China’s blue-chip CSI 300 index rose 0.13%, while the Shanghai Composite Index gained 0.22%.
The Hang Seng index added 3.22% and the Hang Seng China Enterprises Index advanced 3.39%.
China’s yuan hovered at a four-month high against the dollar, on expectations of more policy support to boost the economy as well as rising seasonal demand.
“Investor confidence is coming back,” said Linus Yip, chief strategist at First Shanghai Securities. “They’re bullish on China’s normalisation and recovery prospects; this sentiment has also benefited most sectors.”
China’s property developers surged following forecast-beating December sales and market rumours that regulators were mulling more supportive policies to bolster the housing sector.
The Hang Seng Mainland Properties Index climbed up to 7%, to its highest since Dec. 9.
China’s Financial Stability and Development Committee told the banking and securities regulators late last week to help shore up the balance sheets of some “systemically important” developers, Bloomberg reported.

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