Hong Kong Hang Seng gains 1.07%

Hong Kong share market finished higher in holiday-induced half-day session on Monday, 31 January 2022, as risk sentiments boosted up on tracking Wall Street's solid performance late last week and on expectations that Beijing will further ease policies to spur growth amid a slowdown in Chinese manufacturing activity.

At closing bell, the benchmark Hang Seng Index advanced 1.07%, or 252.18 points, to 23,802.26. The Hang Seng China Enterprises Index added 1.7%, or 139.66 points, to 8,349.95.

Hong Kong financial markets will be closed from Feb 1 to Feb 3 for the Lunar New Year holidays and and will resume on Feb 4.

The sub-index of the Hang Seng tracking energy shares dipped 0.4%, while the IT sector rose 3.27%, the financial sector ended 0.09% lower and the property sector rose 0.42%.

China's manufacturing PMI fell to 50.1 in January 2022 month from 50.3 in December 2021, as a resurgence of Covid-19 cases and tough lockdowns hit production and demand. The decline fueled hopes that the world's second-largest economy will further relax policies soon to stoke growth.

In corporate news, Macau Legend Development slumped more than 19% at close following the arrest of its chief executive officer over allegations of illegal gambling and money laundering activities.

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