Hong Kong: Market rises on China trade growth, property support

Hong Kong share market finished session near eight-month highs on Thursday, 09 May 2024, on tracking gains in Mainland A-share market after China's exports and imports returned to growth in April signalling an encouraging improvement in demand at home and overseas.

Meanwhile, the latest Chinas property policy in a megacity also improved sentiment. China's eastern metropolis of Hangzhou said on Thursday it will lift all home purchase restrictions to shore up its real estate market, raising the prospect of other cities following suit.

At closing bell, the benchmark Hang Seng Index surged by 223.95 points, or 1.22%, to 18,537.81. The Hang Seng China Enterprises Index gained 103.95 points, or 1.61%, to 6,560.67.

Shares of Longfor Group Holdings jumped 3.7% to HK$11.92 and its peer China Resources Land added 2.7% to HK$29.95 after the city of Hangzhou removed all the restrictions on home purchases.

Shares of metal producer Ganfeng Lithium Group jumped 7.6% to HK$26.85 and rival Tianqi Lithium rallied 4.2% to HK$32.65 after the ministry of industry and information technology issued industry guidelines to limit new projects and capacity.

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