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Hong Kong Market gains on China policy easing bets

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Hong Kong stock market closed volatile session higher on Monday, 18 October 2021, as investors risk sentiments boosted by broadly positive cues from Wall Street on Friday and hopes of support from Chinese policymakers after data showed China's economy grew more slowly than expected in the third quarter, while factory production cooled last month amid a power crunch.

At closing bell, the benchmark Hang Seng Index advanced 0.31%, or 78.79 points, to 25,409.75. The Hang Seng China Enterprises Index grew slight 0.06%, or 5.23 points, to 8,971.40.

China's gross domestic product expanded 4.9% on year in the third quarter of 2021, the National Bureau of Statistics said on Monday, down sharply from 7.9% and 18.3% in the preceding two quarters.

On a seasonally adjusted quarterly basis, GDP rose just 0.2%, down from the downwardly revised 1.2% growth in the previous three months (originally 1.3%). Industrial production rose by 3.1% and investment by 7.3%.

Shares of sportswear producers gained after better than expected mainland China's retail sales data for September and demand optimism as retailers prepare for a series of large-scale events, including the Double 11 shopping spree in November and year-end sales. Anta Sports advanced 4.4% while Li Ning added 2.8%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 18 2021. 17:22 IST