Hong Kong Market rises on recovery optimism

Hong Kong share market finished session higher on Monday, 20 February 2023, after recouping early losses, as investors risk appetite improved on hopes of the economy gradually shifting from reopening to recovery.

At closing bell, the benchmark Hang Seng Index advanced 1167.15 points, or 0.81%, to 20,886.96. The Hang Seng China Enterprises Index was up 72.67 points, or 1.04%, to 7,063.94.

Among blue chips, Alibaba Group Holding fell 0.05% to HK$99.40 while Baidu surged 2.6% to HK$145.00. HSBC climbed 1% to HK$58.75. Aluminium producer China Hongqiao surged 9.9% to HK$9.10, and property developer Country Garden gained 4.3% to HK$2.66, while China Mobile jumped 3.1% to HK$59.10 and Tencent Holdings gained 0.9% to HK$377.00.

JD Health added 3.2% to HK$59.85, and Li Auto gained 4.6% to HK$99.15 on speculation they may be included in the city's benchmark index later this week.

Shares of Chinese brokerages rallied after China's securities watchdog said it implemented the new registration-based initial public offering system on Friday, aiming to encourage new listings and boost corporate fundraising. China International Capital Corp surged 4.3% and CITIC Securities added 2%.

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