Hong Kong Market rebounds on bargain hunting

Hong Kong stock market finished session higher on Wednesday, 04 August 2021, as investors chased for bargain buying on following the broadly positive cues overnight from Wall Street. Meanwhile, market rally was also supported by China's policy-friendly sectors like new energy to sportswear companies on government supportive actions hopes.

At closing bell, the benchmark Hang Seng Index added 0.88%, or 231.73 points, to 26,426.55. The Hang Seng China Enterprises Index rose 1.06%, or 98.87 points, to 9,419.25.

The sub-index of the Hang Seng tracking the commerce & industry sector rose 1.76% and the utilities sector rose 0.86%, while the finance sector fell 0.07% and the properties sector fell 0.47%.

Shares of sportswear companies advanced on reports that Chinese government's plan to boost the size of the sports industry to 5 trillion yuan (US$773.9 billion) by 2025. Anta Sports surged 4.7% to HK$181.90 and garment maker Shenzhou International climbed 5.8% to HK$184.90.

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