Hong Kong: Market extends gain to third straight days

Hong Kong share market finished higher for third straight session on Monday, 13 May 2024, as risk sentiments bolstered by expectation of better corporate results and a policy boost after latest Monetary Policy Report vowed to maintain ample liquidity by flexible and effective open market operation, together with multiple monetary policy tools.

At closing bell, the benchmark Hang Seng Index surged by 151.38 points, or 0.8%, to 19,115.06, its highest level since 10 August 2023. The Hang Seng China Enterprises Index gained 42.78 points, or 0.64%, to 6,761.64.

Shares of Alibaba Group Holding rallied 4.1% to HK$81.15 and Tencent Holdings climbed 1.9% to HK$378.20, ahead of their quarterly earnings announcements, due on Tuesday.

Biopharmaceutical firm Wuxi AppTec advanced 4.5% to HK$39.80, after the US introduced a revised bill that offers a grace period until 2032, before a possible ban on Chinese drug makers from doing businesses with the Federal government.

Casino operator Sands China gained 4.2% to HK$20.90 after a move to add eight more mainland cities to a programme that allows individual travellers to visit the gambling hub of Macau. Currently, travellers from these cities can only visit Macau as part of official tour groups.

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