Hong Kong Market ends higher

27 Oct 2022 , 05:46 PM

Hong Kong share market finished session modestly higher on Thursday, 27 October 2022, as growing hopes that major central banks could start slowing the pace of interest rate hikes were offset partly by concerns over Chinas growth trajectory. At closing bell, the benchmark Hang Seng Index advanced 110.27 points, or 0.72%, to 15,427.94. The Hang Seng China Enterprises Index was up 25.32 points, or 0.49%, to 5,242.86. Chinas official data showed that profits at big industrial firms fell at a faster clip in the January-September period. Profits of Chinas major industrial firms slipped 2.3% year on year to 6.24 trillion yuan in the first nine months of 2022 (January-September period), widening the 2.1 percent drop recorded in the first eight months of the year, the National Bureau of Statistics (NBS) data showed on Thursday. In another worrying sign, China on Thursday reported a third straight day of more than 1,000 new COVID cases nationwide, a modest tally compared with the tens of thousands per day that sent Shanghai into a full-blown lockdown earlier this year but enough to trigger more curbs and restrictions across the country. Cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks. Powered by Capital Market – Live News