Hong Kong Stocks gain ahead of the Lunar New Year holiday

Hong Kong stock market finished session higher on the first day of trading of the Year of the Ox, Tuesday, 16 February 2021, after the Lunar New Year holidays as risk sentiments underpinned on tracking Asia-Pacific markets higher on optimism over a global economic recovery and roll-out of Covid-19 vaccines.

At closing bell, the benchmark Hang Seng Index inclined 1.9%, or 573.09 points, to 30,746.66. The Hang Seng China Enterprises Index added 1.31%, or 155.66 points, to 12,036.15. China's mainland markets will remain closed for the Lunar New Year celebrations and are scheduled to reopen on Feb. 18.

Shares of energy stocks gained, on tracking firmer commodity prices. PetroChina surged 13.2% to HK$2.75, while CNOOC soared 9.5% to HK$9.54. Sinopec also added 8.1% to HK$4.12.

Cinema stocks surged, with IMAX China and Alibaba Pictures up 31.1% and 34.6%, respectively, after reports that Chinese box offices set a revenue record for the week beginning Feb. 11, following a movie-going rush at the start of the holidays.

Phoenix Media Investment soared 31% to HK$1.48. The company was considering a reshuffle to separate the role of chairman and chief executive, and may name a new person as CEO

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