Hong Kong Market rebounds on bargain hunting

Hong Kong share market finished session higher on Thursday, 16 February 2023, as investors chased for bottom hunting following recent selloff and on optimism China will take more steps to shore up economic growth.

At closing bell, the benchmark Hang Seng Index advanced 175.50 points, or 0.84%, to 20,987.67. The Hang Seng China Enterprises Index was up 71.81 points, or 1.02%, to 7,089.95.

Hong Kong stocks have struggled this month, as the benchmark weakened more than 8% since reaching a high on January 27. Escalating US-China geopolitical tensions and a more hawkish stance by US policymakers are among recent headwinds.

Among blue chips, Alibaba Group gained 1.2% to HK$102.10, and Tencent Holdings jumped 1.5% to HK$382.60. JD.com rallied 5.3% to HK$212.60, and online game developer NetEase advanced 2.3% to HK$138.20. Kuaishou Technology and PC maker Lenovo Group surged by 1.9% and 6.7% respectively.

Chinese brokerages advanced. Haitong Securities rose 0.6% to HK$5.22, and Bright Smart Securities & Commodities Group, one of Hong Kong's biggest brokerages, added 2.1% to HK$1.49. China reassured mainland investors they can use their offshore accounts to trade stocks.

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