Hong Kong Market surges 0.7%

Hong Kong stock market finished session higher on Tuesday, 07 September 2021, due to continued bargain buying after China's exports unexpectedly grew at a faster pace in August, as solid global demand offset some of the pressure on the world's second-biggest economy from a resurgence of domestic COVID-19 cases and supply bottlenecks.

At closing bell, the benchmark Hang Seng Index rose 0.73%, or 190.00 points, to 26,353.63. The Hang Seng China Enterprises Index rose 1.04%, or 97.07 points, to 9,468.22.

Shipments from the world's biggest exporter in August rose at a faster-than-expected rate of 25.6% from a year earlier, from a 19.3.% gain in July, pointing to some resilience in China's industrial sector, the customs administration reported on Tuesday. Exports unexpectedly grew at a faster pace in August, as solid global demand offset some of the pressure on the world's second-biggest economy from a resurgence of domestic COVID-19 cases and supply bottlenecks. Imports increased 33.1% year-on-year in August, compared with 28.1% growth in the previous month. China posted a trade surplus of $58.34 billion in August, versus $56.58 billion in July.

 

Shares of Chinese technology firms rallied after the Chinese government reassured investors of its support amid regulatory crackdowns. Meituan climbed 4% to HK$257.40, Tencent added 2.1% to HK$515.50, and Alibaba Group Holding added 1.2% to HK$170.

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