Hong Kong Market ends 0.31% higher

Headline indices of the Hong Kong stock market finished session higher on Thursday, 27 February 2020, as investors chased for bottom fishing on signals of more stimulus from People's Bank of China to boost economy pounded by coronavirus. However, market gains capped amid intensifying worries over the global contagion of the virus. At closing bell, the benchmark Hang Seng Index added 0.31%, or 82.13 points, to 26,778.62. The Hang Seng China Enterprises Index was up 0.87%, or 91.49 points, to 10,593.11.

The People's Bank of China deputy governor Liu Guoqiang said that the central bank will continue to use special loans to small and medium banks and conduct open market operations, standing loan facilities, and medium-term loan facilities to boost liquidity.

In an upbeat signal, the ruling Communist Party declared on Wednesday that China's economic recovery is accelerating, though it also warned the country not to ignore the risks of a resurgence in infections in certain regions.

Mainland China reported 433 new cases of virus infections on Wednesday, the National Health Commission said on Thursday, up from 406 on the previous day. The number of new deaths stood at 29, the lowest daily rate since Jan. 28 and down from 52 on the previous day. The outbreak has now killed a total of 2,744 people.

The number of new coronavirus cases in South Korea surpassed that of mainland China for the first time. Seoul reported that 505 people were infected with Covid-19, while China added 433 new cases.

Mainland banks were among top gainers in Hong Kong. The Industrial and Commercial Bank of China advanced 2.3% to HK$5.46 and China Construction Bank gained 1.9% to HK$6.44.

Property company Wheelock said it will distribute its stakes in Wharf REIC to shareholders. Wharf REIC is in the process of being privatised by its parent company Wheelock. Wheelock's shares surged 39.7% to HK$66. Wharf REIC plunged 6.2% to HK$37.70.

Powered by Capital Market - Live News