Hong Kong Market rebounds on bargain hunting

Hong Kong stock market closed up for the first time in five sessions in row on Friday, 17 September 2021, as investors chased for bottom fishing, with shares in technology and Macau casino operators being notable gainers.

At closing bell, the benchmark Hang Seng Index advanced 1.03%, or 252.91 points, to 24,920.76. The Hang Seng China Enterprises Index was up 1.53%, or 134.67 points, to 8,940.47. For the week, the Hang Seng Index lost 4.9%.

Casino stocks rebounded on bargain hunting, with Galaxy Entertainment up 2.7% to HK$40.15 and SJM Holdings up 2.9% to HK$5.29.

China Evergrande shares tumbled 3.4% to HK$2.54, bringing losses this week to 30%, as the troubled developer turned to outside advisers for solutions to unwind some US$305 billion of liabilities.

 

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