Hong Kong Market extends gain to fourth day

Hong Kong stock market closed higher for fourth straight session on Wednesday, 20 October 2021, as investors tracked broadly positive cues from Wall Street overnight and rally in Alibaba Group Holding amid speculation on its ties with Chinese regulatory authorities

At closing bell, the benchmark Hang Seng Index advanced 1.35%, or 348.81 points, to 26,136.02. The Hang Seng China Enterprises Index grew 1.54%, or 140.62 points, to 9,276.69.

Alibaba Group Holding shares surged 6.7% to HK$175.80 after reports that Co-founder and former chairman Jack Ma has travelled to Europe for a study tour on agriculture, marking his first overseas trip in more than a year. Ma's travel, about a year after China halted Ant Group's stock offering, fanned speculation China's regulatory authorities are softening a crackdown on the broader technology industry. Alibaba Health Information Technology surged 13.5% to HK$12.62. Tencent gained 2.1% to HK$509.50 while Meituan added 2.9% to HK$293.80.

 

Powered by Capital Market - Live News