Hong Kong: Market rises 1.55%

Hong Kong share market finished session modestly higher on Friday, 16 December 2022, with realty related stocks leading rally, on stimulus hopes after China vowed to provide more support for the realty sector and bolster its pandemic-hit economy.

At closing bell, the benchmark Hang Seng Index dropped 304.86 points, or 1.55%, to 19,368.59. The Hang Seng China Enterprises Index was down 110.90 points, or 1.65%, to 6,591.46. For the week, the Hang Seng Index fell 2.2%.

Shares of realty sector inclined, on stimulus hopes as China's Vice-Premier Liu He said on Thursday that the country will see an economic recovery next year and is mulling new measures to support the real estate market. The government last month unleashed its three-arrow programme to help ease a liquidity squeeze in the sector.

Developer Country Garden surged 5.9% to HK$2.85 while Longfor added 1.8% to HK$25.75. China Resources Land jumped 3.9% to HK$35.95.

Tech stocks advanced, as China granted full access to US regulators on Chinese firms' audit records, tempering delisting pressure. Among tech stocks, JD.com added 1.4% to HK$224.80 and Alibaba advanced 1% to HK$86.80.

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