Hong Kong Market gains 1.83%

Hong Kong stock market finished session higher on Thursday, 22 July 2021, as investors chased for bottom fishing on tracking positive lead from Wall Street overnight and selloff in previous three sessions, with shares of Chinese oil giants and China Evergrande being notable gainers on stronger crude oil prices and as developer resolved a legal dispute with a Chinese bank over a project loan.

At closing bell, the benchmark Hang Seng Index surged 1.83%, or 499.26 points, to 27,723.84. The Hang Seng China Enterprises Index added 1.79%, or 175.55 points, to 10,006.57.

The sub-index of the Hang Seng tracking the commerce & industry sector added 2.02%, while the finance sector rose 1.64%, the properties sector added 1.84%, and the utilities sector rose 0.9%.

Shares of China's three biggest oil majors advanced as crude climbed and held above US$70 a barrel from its lowest level since May. PetroChina rose 3.7% to HK$3.34, Sinopec added 3.7% to HK$3.68 and CNOOC gained 3.4% to HK$8.11.

China Evergrande soared 7.9% to HK$7.81, after plunging more than 26% over three preceding days after the highly indebted property group announced it had resolved a legal dispute with a Chinese bank. The developer said it has resolved a dispute with lender China Guangfa Bank over a project loan.

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