Hong Kong Market bounces on bargain hunting

Hong Kong stock market finished session higher on Tuesday, 04 May 2021, as investors chased for bargain hunting after more than 3% losses in previous two sessions, with energy stocks leading the gains.

At closing bell, the benchmark Hang Seng Index added 0.7%, or 199.60 points, to 28,557.14. The Hang Seng China Enterprises Index climbed up 0.49%, or 52.72 points, to 10,765.72.

The sub-index of the Hang Seng tracking energy shares rose 2.3%, while the IT sector edged up 0.05%, the financial sector climbed 0.78% and the property sector gained 0.52%

Shares of with energy companies advanced on tracking strength in crude oil prices. Sinopec led gainers among blue chips, rising 4.1% to HK$4.08, while PetroChina added 3.5% to HK$2.92

Ping An Insurance fell again, losing 0.8% to HK$82.20 on top of a 2.5% slump on Monday. China's biggest insurer is leading a consortium of state-owned entities to restructure the assets of bankrupt Peking University Founder Group, involving an US$11.3 billion cash infusion.

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