Hong Kong Market shines 1.4%

Headline indices of the Hong Kong stock market finished session higher on Thursday, 09 April 2020, on tracking gains on Wall Street as hopes that the new coronavirus pandemic is peaking in the United States bolstered sentiment, while a jump in crude oil prices lifted energy stocks. At closing bell, the benchmark Hang Seng Index surged 1.38%, or 329.96 points, to 24,300.33. The Hang Seng China Enterprises Index spurted 1.33%, or 129.17 points, to 9,811.12. The Hong Kong stock market will be closed on Friday and next Monday for the Easter holiday.

The Hong Kong market commenced trading with firm footing on the back of an overnight rise on Wall Street, after New York Governor Andrew Cuomo said the state's efforts at social distancing were working in getting the virus under control.

The respiratory ailment has infected more than 1.5 million people worldwide, killed more than 87,000 and put half of humankind in lockdown. It has driven the world into recession as it disrupted supply chains, upended air travel and threw workers out of their jobs. It has also been a challenging time for investors, who have had to navigate massive volatility often driven by rapidly changing sentiment. But, as medical experts see signs infection and death curves may be flattening, the US and other countries are beginning to look at how to slowly restart their economies.

Market sentiment was also improved after China's top leaders late Wednesday pledged to boost domestic demand and consumption as the coronavirus pandemic pressures the world's second-largest economy.

China released new measures on Wednesday to try and prevent asymptomatic "silent carriers" of coronavirus from causing a second wave of infections, as the country reported another modest rise in new confirmed cases.

Among blue chips, HSBC (5 HK) advanced 2.8% to HK$41, while Standard Chartered (2888 HK) shot up 5.5% to HK$43.35. Tencent (700 HK) gained 1.7% to HK$391.40, while Alibaba (9988 HK) increased 0.8% to HK$191.70 as Jefferies maintained its 'buy' rating and its HK$274 price target over the next 12 months..

AAC Tech (2018 HK) fell 4.1% to HK$40.45, after it warned first-quarter net profit may have fallen as much as 90%.

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