Hong Kong Market surges 2.5%

Hong Kong stock market finished higher for second consecutive session on Tuesday, 24 August 2021, as investors continued buying back on tracking positive lead from Wall Street overnight and reports that the U.S. Securities and Exchange Commission has begun issuing new disclosure requirements to Chinese firms looking to list in New York. Sentiment also got a boost after reports that Mainland investors did net purchases of HK$2.2 billion purchases through the Stock Connect link on Tuesday.

At closing bell, the benchmark Hang Seng Index rose 2.46%, or 618.33 points, to 25,727.92, adding to a 1.1% on Monday. The Hang Seng China Enterprises Index added 3.21%, or 283.12 points, to 9,098.68. The market slipped into a bear market last week with a loss of more than 20% from its February peak.

 

Shares Chinese technology firms advanced, with internet titan Tencent rose 8.8%, while Meituan soared 13.5% and Alibaba advanced 9.5%.

Shares of e-commerce group JD.com surged 15% to HK$280 after reported better than expected quarterly revenue.

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