Hong Kong Market rises on bargain buying, calming Sino-US tensions
Feb 07, 2023 02:49 PM | Source: capitalmarket.com
 |
Hong Kong share market finished session higher on Tuesday, 07 February 2023, snapping three days losing streak, as traders chased for bargain buying on heavily battered stocks amid hopes for a de-escalation in Sino-U.S. tensions.
Market sentiments also improved on Stock Connect data showing Mainland Chinese investors were net buyers of Hong Kong stocks for a second day to take advantage of market slip-up
At closing bell, the benchmark Hang Seng Index advanced 76.54 points, or 0.36%, to 21,298.70. The Hang Seng China Enterprises Index was up 42.88 points, or 0.6%, to 7,232.25. The city's benchmark had retreated by almost 4% in the preceding three days.
Market sentiment improved as both Beijing and Washington appeared to show willingness to de-escalate after U.S. President Joe Biden said on Monday that bilateral relations had not been weakened by the United States' downing of a suspected Chinese spy balloon over the weekend.
Mainland Chinese funds were net buyers of HK$16 million (US$2 million) worth of Hong Kong-listed shares on Tuesday, adding to a haul of HK$1.99 billion (US$255 million) on Monday, according to Stock Connect data.
Among blue chips, Alibaba Group advanced 1.7% to HK$105, while Tencent Holdings added 1.1% to HK$381 and oil explorer CNOOC jumped 2.3% to HK$11.42. Longfor Group gained 1.2% to HK$24.55, and WuXi Biologics added 1.7% to HK$64.60.
Shares of Baidu surged 15.6% to HK$162.90 following reports saying search engine operator would complete internal testing and launch “Ernie Bot” in March, an app to rival ChatGPT, a popular AI-aided app with humanlike responses.