Hong Kong Market gains on progress in Russia-Ukraine talks

30 Mar 2022 , 06:26 PM

Hong Kong share market finished session higher on Wednesday, 30 March 2022, as hopes for Ukraine-Russia peace talks lifted global risk appetite. At closing bell, the benchmark Hang Seng Index advanced 1.39%, or 304.40 points, to 22,232.03. The Hang Seng China Enterprises Index rose 1.28%, or 96.37 points, to 7,609.37.

Risk appetite among global financial markets had improved on the positive development in Ukraine-Russia peace talks after Russia on Tuesday promised to scale down military operations around Ukraines capital Kyiv, while Ukraine proposed adopting a neutral status in face-to-face negotiations.

However, market gains capped amid lingering concerns about the China economic outlook, with Chinas most populous city and financial centre, Shanghai, continuing to grapple with a staggered lockdown to contain a local COVID-19 surge.

Also limiting market gains was reports that China is planning new curbs on the countrys $30 billion live-streaming industry. Chinas tax regulator said later in the day it would require livestreaming platforms to report livestreamers identities, income and profits every six months.

Property developers shares advanced on expectations that Shenzhen will relax its housing price controls. Among Chinese developers, Country Garden rallied 6.3% to HK$6.08, China Resources Land climbed 5% to HK$37.05 and Longfor Group Holdings added 4% to HK$39.30.

Shares of live-streaming companies declined after reports that Beijing was mulling new curbs on live-streaming businesses. Kuaishou retreated 6.2% to HK$72.60. Bilibili lost 2.5% to HK$220.20.

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