Hong Kong Market ends in green

Hong Kong share market finished session higher on Friday, 01 March 2024, snapping a two-day drop, on hopes Beijing to roll out more stimulus measures after an official survey showed China's manufacturing activity shrank for a fifth straight month in February.

Chinas official manufacturing purchasing managers' index (PMI), compiled by the National Bureau of Statistics (NBS), fell to 49.1 in February from 49.2 in January. However, a survey by the Caixin/S&P Global released just after the official PMI showed manufacturing activity expanded steadily at 50.9, up from 50.8 in January. Taken together, the PMIs highlighted an uneven economic recovery, maintaining pressure on authorities as markets clamor for bolder stimulus measures and reforms to safeguard China's long-term growth potential.

At closing bell, the benchmark Hang Seng Index rose by 78 points, or 0.47%, to 16,589.44. The Hang Seng China Enterprises Index added 50.96 points, or 0.9%, to 5,728.84.

Among blue chips, Lenovo surged 4.8% to HK$9.09, while Meituan rallied 11% to HK$88.40. Chip maker SMIC added 1.6% to HK$17.04. HSBC climbed 1.6% to HK$61.20. Alibaba Group gained 0.2% to HK$73.05. NetEase slipped 1.9% to HK$172.80. New World Development slumped 6.8% to HK$9.20 after revenue shrank 25% in the second half of 2023.

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