Hong Kong Market rebounds on China stimulus hopes

Hong Kong share market finished session slightly higher on Wednesday, 21 December 2022, snapping two days losing as investors chased for bargain hunting at relatively reduced levels following recent selloff and hopes of China stimulus measures to support the virus-hit economy

However, market gains capped as growing concern about the impact of the rapid spread of COVID-19 on the economy and trade. New Covid-19 infections in China rose to 3,049 on Wednesday from 2,656 on Tuesday, the National Health Commission reported.

At closing bell, the benchmark Hang Seng Index advanced 65.69 points, or 0.34%, to 19,160.49. The Hang Seng China Enterprises Index was up 27.89 points, or 0.43%, to 6,500.18.

Among blue chips, Tencent Holdings climbed 0.5% to HK$311 while Alibaba Group also added 0.5% to HK$84.45. Hansoh Pharmaceutical surged 1% to HK$13.92, while WuXi Biologics jumped 2.5% to HK$51.25. Carmaker Xpeng soared 4.7% to HK$38.85.

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