Hong Kong Market rebounds 0.77%

Hong Kong stock market finished session higher on Thursday, 06 May 2021, as investors chased for bargain hunting on the back of dovish comments from U.S. Treasury Secretary Janet Yellen and several Fed officials, optimism around the economic reopening in the developed world, and better than expected corporate earnings.

At closing bell, the benchmark Hang Seng Index advanced 0.77%, or 219.48 points, to 28,637.46. The Hang Seng China Enterprises Index added 0.32%, or 34.50 points, to 10,757.37.

The sub-index of the Hang Seng tracking commerce & industry sector rose 0.74%, the utilities sector was up 0.97%, the properties sector climbed 0.35% and the finance sector gained 0.88%.

Shares of Budweiser soared 4.9% to HK$25.50 after the brewer recorded US$233 million of earnings last quarter, reversing a US$41 million loss a year earlier.

Shares of Chinese vaccine producers and distributors sank after news that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines. The Biden administration backed a proposal to waive patent and other intellectual property protections for Covid-19 vaccines, and urged other nations to do so in a move to help fight the global pandemic. Shanghai Fosun Pharmaceutical Group, which has the rights to make and distribute BioNTech's vaccines in Hong Kong and Macau, tumbled 14% to HK$48.30. Sinopharm slipped 6.8% to HK$24. CanSino slumped 15% to HK$310.40.

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