Hong Kong Market ends 0.3% up

25 May 2022 , 06:01 PM

Hong Kong share market finished session higher on Wednesday, 25 May 2022, snapping two days losing streak, as investors chased for bottom fishing on recently battered stocks, thanks to gains in Mainland A- share market on stimulus measures that China has introduced into the economy. However, market gains were limited as investors refrained from making bold moves as they were awaiting the release later Wednesday of the minutes of the Federal Reserves policy meeting in May to gauge the future pace of monetary tightening in response to high inflation in the United States. At closing bell, the benchmark Hang Seng Index added 0.29%, or 59.17 points, to 20,171.27. The Hang Seng China Enterprises Index grew 0.22%, or 15.42 points, to 6,898.56. Chinas financial regulators pledged to keep credit growth stable in the property sector and help homebuyers affected by virus outbreaks to defer mortgage payments, and the central bank said it would use various tools to appropriately increase credit and support economic growth. Chinas central bank and banking regulator urged lenders to boost loans in the latest effort to shore up the battered economy. Among blue chips, Country Garden and New World Development added 1.2% and Geely Auto surged 4.5% while GreatWall Motor soared 11% and HSBC jumped 3.1%. ICBC added 0.4%. Technology stocks declined after a 2.4% slide in the tech-heavy Nasdaq index dampened investor sentiment. Alibaba Group Holding slipped 1.5%. JD.com lost 1.5% and Lenovo Group declined 2.4%. Baidu fell 1.5% while Bilibili tumbled 4.3%. Powered by Capital Market – Live News