Hong Kong Market extends gain to third day

Hong Kong stock market closed higher for third straight session on Tuesday, 19 October 2021, as investors tracked broadly positive cues from Wall Street overnight and rally in the Mainland A-share market today, on expectations that the stresses in the China's property sector as well as Sino-U.S. tensions are easing.

At closing bell, the benchmark Hang Seng Index advanced 1.49%, or 37746 points, to 25,787.21. The Hang Seng China Enterprises Index grew 1.84%, or 164.67 points, to 9,136.07.

Financial stocks advanced on cross-border wealth management potentials after 19 banks have received approval from the HKMA to sell wealth management products to mainland residents.

 

Alibaba Group Holding shares surged on reports it would launch a new home-grown server chip to bolster China's self-sufficiency push, and plans a strategic investment in distressed chip maker Tsinghua Unigroup.

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