Foreign Markets

Hong Kong share market finished session sharply higher on Friday, 22 September 2023, as bargain hunting across the board on hopes of improving growth, with sentiments further got a boost after brokerage houses predicting that China's recovery will gain momentum in the second half.

Recent data out of China, including activity, credit, export and inflation, signalled economic growth and inflation have bottomed out, according to Goldman Sachs, giving momentum to recovery in the second half. UBS this week said Chinese stocks were due for a rebound as valuations and data improved.

At closing bell, the benchmark Hang Seng Index surged 402.04 points, or 2.28%, to 18,057.45. The Hang Seng China Enterprises Index spurted 163.35 points, or 2.68%, to 6,262.61.

Among blue chips, Tencent Holdings jumped 3.9% to HK$314.80, Alibaba Group and Meituan rallied 3.1% to HK$119.90. Netease surged 6.2% to HK$161.90 while EV maker BYD strengthened 3.3% to HK$248.40.

shares of Alibaba Group Holding advanced 4.7% to HK$86.50 following reports that its logistics arm, Cainiao Network Technology, plans to apply for an initial public offering on the Hong Kong bourse.

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