Hong Kong Market extends gains to 2nd day

Hong Kong stock market finished higher for second straight session on Wednesday, 26 May 2021, as investor sentiment was encouraged after several Federal Reserve officials reiterated that any inflation will be transitory and the Fed will maintain its current dovish monetary policy stance. Sentiments also got a boost on optimism that foreign investors will flock to local markets, following signs that the Chinese government would loosen the nation's fiscal tightening.

At closing bell, the benchmark Hang Seng Index rose 0.88%, or 255.15 points, to 29,166.01. The Hang Seng China Enterprises Index added 0.58%, or 62.95 points, to 10,855.58.

The sub-index of the Hang Seng tracking the utilities sector added 1.14%, commerce & industry sector added 1%, the finance sector added 0.67%, and the properties sector added 1.29%.

 

Chinese hotpot chain Haidilao led gainers among blue chip stocks, rising 4.8% to HK$48 after Morgan Stanley upgraded the stock to overweight with a price target of HK$55

Hong Kong Exchanges and Clearing rose 1.7% to HK$482.80 after chief executive Nicolas Aguzin pledged the bourse operator would keep a steady course connecting China with global markets.

Shares of cruise operator Genting Hong Kong soared 20.9% to HK$0.52 after the government said cruise departures would resume in late July at the earliest, permitting residents to holiday at sea without having to undergo quarantine.

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