Hong Kong Market extends gain

The Hong Kong stock market posted healthy gains for a second straight day on Tuesday, 28 April 2020, as investor risk sentiments boosted up on reports of falling rate of infections and deaths in badly hit countries and amid signs of progress in re-opening some economies around the world. Investors digested worse-than-expected results from embattled HSBC. At closing bell, the benchmark Hang Seng Index advanced 1.22%, or 295.82 points, to 24,575.96. The Hang Seng China Enterprises Index added 1.1%, or 108.10 points, to 9,983.69.

Among blue chips, index heavyweight Tencent (700 HK) rose 1% to HK$417.20, while Alibaba (9988 HK) slid 0.8% to HK$199. China Overseas Land & Investment (688 HK) jumped 3.5% to HK$27.90; Citic Pacific (267 HK) rose 2.7% to HK$7.98; and Mengniu Dairy (2319 HK), went up 2.5% to HK$28.70.

 

HSBC (5 HK) gained 1.1% to HK$39.95, after it reported a drop of 48% in pre-tax profit in the first quarter year-on-year to US$3.2 billion.

Chinese cancer drug firm Akeso (9926 HK), which made its trading debut on Friday, tumbled 4% to HK$26.40, ending its two-day streak of gains. The stock has shot up 63% from its initial offering price of HK$16.18.

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