Hong Kong Market rebounds 3.4%

Hong Kong share market finished session sharply higher on Thursday, 08 December 2022, recouping yesterday's losses, as an easing of China's COVID restrictions boosted sentiment among investors.

At closing bell, the benchmark Hang Seng Index advanced 635.41 points, or 3.38%, to 19,450.23. The Hang Seng China Enterprises Index was up 233.82 points, or 3.63%, to 6,666.77.

The Hang Seng Index has risen 32.4 per cent from the lowest point in October, powered by the China reopening bets that helped recoup more than US$1 trillion of market value in Hong Kong.

China's State Council announced a new 10-point plan to ease Covid-19 controls on Wednesday, including mass testing and quarantine requirements and reducing the use of the health code system. The relaxation of China's COVID rules, which includes allowing infected people with mild symptoms to quarantine at home and dropping testing for people travelling domestically, is the clearest sign yet that Beijing is pivoting away from its zero-COVID policy to let people live with the disease.

Among blue chips, Alibaba Group surged 5.1% to HK$89.40 and Tencent Holdings climbed 5.7% to HK$317.40. JD.com rose 5.5% to HK$234 and Meituan gained 6.4% to HK$178.30. Macau casino operator Sands China soared 9.4% to HK$25.70 and rival Galaxy Entertainment added 5.3% to HK$52.45.

Shares of technology companies advanced with video platform Bilibili Inc jumping 22% and Alibaba Health Information Technology up 16%.

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