Hong Kong Stocks gains ahead of planned Russia-Ukraine talks

Hong Kong share market finished session higher on Thursday, 10 March 2022, as investors chased for undervalued stocks after suffering heavy losses in previous four sessions, thanks to positive lead from Wall Street overnight, pullback in crude oil futures, and the resumption of diplomatic talks between Russia and Ukraine.

At closing bell, the benchmark Hang Seng Index advanced 1.27%, or 262.55 points, to 20,890.26. The Hang Seng China Enterprises Index rose 0.92%, or 66.24 points, to 7,255.82.

Stocks shot up from the outset as market participants sought a wide range of battered shares in active trading, after concern over elevated oil prices receded following reports that the United Arab Emirates will call on fellow OPEC members to boost production, potentially easing some of the supply concerns caused by sanctions on Russia after its conflict with Ukraine. Other commodity futures tracked the fall in crude oil.

Meanwhile, risk sentiments spirited ahead of planned diplomatic talks between Russia and Ukraine. Russia's foreign minister Sergei Lavrov arrived in Turkey ahead of planned talks on Thursday with his Ukrainian counterpart Dmytro Kuleba.

Meanwhile, a string of Chinese companies and state media trying to soothe frayed nerves after recent sell-offs also lifted sentiment. Dozens of companies in China voluntarily disclosed their strong monthly performance, which was rarely seen before, to stabilise investor confidence. State media also sought to reassure investors, after the country's financial markets slumped to more than 20-month lows.

Shares of Chinese electric vehicle maker Nio started trading in Hong Kong on Thursday, in what is the firm's secondary listing. The shares initially jumped but later erased most of those gains, finishing its debut day 0.82% above its issue price.

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