Hong Kong Market surges 1.7%; Realty stocks lead

14 Nov 2022 , 03:18 PM

Hong Kong share market finished higher for second straight session on Monday, 14 November 2022, on tracking positive lead from Wall Street last Friday, after cooler-than-expected US inflation data last week sparked speculation that the Federal Reserve may now start easing off its aggressive tightening path. Meanwhile sentiments toward risk assets underpinned after reports that Beijing would introduce number of additional measures to support the real estate markets recovery and the Covid-hit economy. At closing bell, the benchmark Hang Seng Index spurted 294.05 points, or 1.7%, to 17,619.71. The Hang Seng China Enterprises Index surged 112.49 points, or 1.92%, to 5,979.80. Shares of Chinese property developers listed in Hong Kong surged after reports that Beijing would introduce number of additional measures to support the real estate markets recovery. The Peoples Bank of China and the China Banking and Insurance Regulatory Commission outlined 16 measures to support the ailing property sector, including urging commercial banks to extend loan maturities and encouraging financial institutions to facilitate mergers. The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the worlds second-largest economy. Property developers Country Garden surged 45.5% to HK$3.26, Longfor soared 16.5% to HK$21.20, while China Overseas Land jumped 8.9% to HK$20.05. Tencent added 0.9% to HK$260.60 and JD.com advanced 4.3% to HK$200.80. Powered by Capital Market – Live News