Hong Kong Market extends gain

Hong Kong share market finished session at highest level in nine months on Friday, 10 May 2024, as risk sentiments bolstered by mirroring a rosy Wall Street session overnight on renewed bets for U.S. interest rate cuts later this year following softer-than-expected jobs growth in April.

Meanwhile, market sentiments underpinned further after reports that China is considering exempting individual investors from paying dividend taxes on Hong Kong stocks bought through the Stock Connect.

At closing bell, the benchmark Hang Seng Index surged by 425.87 points, or 2.3%, to 18,963.68, its highest level since August 2023. The Hang Seng China Enterprises Index gained 158.19 points, or 2.41%, to 6,718.86.

Shares of banks and financials advanced. China Construction Bank rose 6.8% and China Everbright Bank added 3.3%.

Energy stocks advanced as oil prices rose amid recent positive signs of economic recovery in China. Among energy stocks, Sinopec increased 5.4% and China Shenhua Energy climbed 6.1%.

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