Hong Kong Market rebounds on bargain buying

Hong Kong stock market finished higher for the first time in three consecutive sessions on Tuesday, 07 December 2021, as investors chased for bargain hunting on following the broadly positive cues from Wall Street overnight on hopes that the coronavirus Omicron variant will prove less virulent than earlier strains. Meanwhile, market sentiments also boosted up on shining China's trade data and the People Bank of China decision to cut the reserve requirement ratio (RRR) for major commercial banks by 0.5 percentage points, releasing 1.2 trillion yuan (US$188 billion) worth of long-term liquidity into the interbank system on December 15 with an aim of supporting the Chinese economy in the face of growing headwinds.

At closing bell, the benchmark Hang Seng Index surged 2.72%, or 634.28 points, to 23,983.66. The Hang Seng China Enterprises Index gained 3.05%, or 252.35 points, to 8,527.12.

Shares of property developers rebounded on bottom fishing after a top-level meeting softened the policy-tightening tone on the sector. Country Garden Services added 11% and Sunac China climbed 17%.

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