Hong Kong Hang Seng jumps 3.2%

4 Feb 2022 , 06:20 PM

Hong Kong share market finished sharply higher on the first trading day of the year of the tiger, Friday, 04 February 2022, as investors returned from a three-day Lunar New Year break to catch up with a strong performance across world markets. Meanwhile, hopes for more stimulus measures from Beijing also helped buoy the market mood.

Chinas manufacturing and service industries slowed last month as the country battled a resurgent Covid-19 outbreak, according to official reports on Sunday. The economic slowdown fuelled hopes that more loosening of monetary policy is on the way, given Beijings key policy goal of stabilising growth this year.

At closing bell, the benchmark Hang Seng Index advanced 3.24%, or 771.03 points, to 24,573.29. The Hang Seng China Enterprises Index added 2.81%, or 234.42 points, to 8,584.37. Hong Kong financial markets were closed from Feb. 1 till Feb. 3 for the Lunar New Year holidays.

Technology stocks advanced amid signs the global sell-off is easing. Alibaba Group Holding added 5.6%. Food delivery platform Meituan added 3.3%, Tencent rose 1.5%, while JD.com and NetEase advanced by at least 1.8% each.

Shares of companies that are the official partners of the 2022 Winter Olympics rose, ahead of the official commencement of the games in Beijing. Anta Sports Products jumped by 6.4%. Air China jumped 4.3%. China Unicom added 2%, while Bank of China and Sinopec gained at least 1%.

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