Hong Kong Market extends gain on China easing hopes

30 Nov 2022 , 05:00 PM

Hong Kong share market finished sharply higher for second straight session on Wednesday, 30 November 2022, as investors continued hunting for risker assets on hopes over Chinas exit from zero-Covid policy and other policy stimulus. Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, an indicator which is seen as important for reopening the economy. Meanwhile, sentiments also boosted on bet that policymakers in Beijing will step up on recent stimulus efforts, after worse-than-expected factory and service activity data in November. The official manufacturing purchasing managers index (PMI) stood at 48.0 against 49.2 in October, the lowest reading in seven months At closing bell, the benchmark Hang Seng Index spurted 392.55 points, or 2.16%, to 18,597.23. The Hang Seng China Enterprises Index surged 137.72 points, or 2.21%, to 6,374.44. Auto stocks advanced due to strong October sales figures despite the COVID impact, and market expectations on further car purchase tax cut benefits. Geely Automobile surged 11% to HK$11.38 and peer Xpeng rallied 16% to HK$33.65. HSBC climbed 2.2% to HK$47.25 after the UK lender agreed to sell its business in Canada to Royal Bank of Canada for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout for shareholders later down the line. Powered by Capital Market – Live News