Hong Kong Market rises 1.4%

Hong Kong stock market finished higher for third session in row on Tuesday, 18 May 2021, on hope that reopening of China border without quarantine requirements after two consecutive weeks of zero new local infections of the Covid-19 disease would bolster local economy.

At closing bell, the benchmark Hang Seng Index advanced 1.42%, or 399.72 points, to 28,593.81. The Hang Seng China Enterprises Index added 1.43%, or 150.46 points, to 10,654.30.

The sub-index of the Hang Seng tracking commerce & industry sector surged 1.71% and the finance sector added 1.03%, meanwhile the utilities sector rose 1.07% and the properties sector added 1.86%.

 

Oil stocks rallied near a two-year high on optimism that economic recovery in the US would be supported by the US Federal Reserve's loose monetary policy. PetroChina rose 4.8%. China Petroleum, also known as Sinopec, added 4.7% to HK$4.25.

China Mobile ended up 2.7%, after the company approved plans for a potential HK$47.08 billion listing in Shanghai.

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