Hong Kong Market extends gain to seventh day

The Hong Kong stock market finished higher for seventh straight session on Tuesday, 09 June 2020, on optimism that a global recovery from the fallout of the coronavirus is gathering pace after an easing of coronavirus lockdown measures.

At closing bell, the benchmark Hang Seng Index advanced 1.13%, or 280.45 points, to 25,057.22, taking the seven-day gain to 9.1%. The Hang Seng China Enterprises Index added 1.12%, or 112.25 points, to 10,121.13.

Airline stocks advanced after reports that the Hong Kong government will allocate about HK$30 billion in the form of loans and stock purchases to relieve Cathay Pacific out of financial woes. The bailout spurred optimism that the unprecedented move could also pave the way for handouts to help Chinese state-owned carriers survive the coronavirus slump.

 

China Southern Airlines, the biggest fleet operator among Chinese carriers, rose 4.8% to HK$4.13. China Eastern Airlines rallied 2.9% to HK$3.18

Geely Automobile Holdings added 3.9% to HK$12.42 after industry data showed that China's vehicle sales rose 1.9% for the first increase in almost a year in May.

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