Hong Kong Market surges 5.2%

Hong Kong share market finished session sharply higher on Tuesday, 29 November 2022, as risk sentiments strengthened after hints swirled that recent protests in several Chinese cities might prompt an earlier easing of strict COVID-19 restrictions.

At closing bell, the benchmark Hang Seng Index spurted 906.74 points, or 2.24%, to 17,297.94. The Hang Seng China Enterprises Index surged 364.34 points, or 6.2%, to 6,236.72.

Shares of property developers advanced, after China's securities regulator lifted a six-year ban on equity financing to help reverse a slump in the industry. Property developers will be allowed to raise funds from private stock sales and sell shares to fund purchases of real-estate assets, the China Securities Regulatory Commission (CSRC) said. Proceeds can be used to buy existing property projects, replenish working capitals and repay debts. Among developers, China Vanke rose 12% to HK$16.34. Longfor rallied 9.2% to HK$22.65 and Country Garden surged 4.8% to HK$3.06. China Overseas Land and Investment advanced 1.3% to HK$21.15.

 

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