Hong Kong Market rebounds 0.9%

Hong Kong share market finished in positive territory on Thursday, 28 March 2024, as bargain buying resumed on following the broadly positive cues from global markets overnight and after Chinese President Xi Jinping promised more policy support to build a world-class business environment in China. The citys stock market is shut on Friday and on Monday next week for public holidays.

Xi pledged more policy support to improve its business environment in a meeting with more than a dozen US business executives from companies that included Blackstone, Pfizer and Qualcomm in Beijing on Wednesday, underscoring Beijings efforts to restore confidence and arrest a slide in foreign direct investment. He also dismissed the narratives that Chinas economy was collapsing and that growth had peaked, vowing a greater scope for foreign businesses and deeper reforms.

 

At closing bell, the benchmark Hang Seng Index inclined by 148.58 points, or 0.91%, to 16,541.42. The Hang Seng China Enterprises Index climbed up 82.66 points, or 1.44%, to 5,810.79.

Shares of home appliances maker Haier Smart Home jumping 8.2% to HK$24.35 after posting better-than-estimated full-year results for 2023.

Smartphone maker Xiaomi added 1.2% to HK$14.94 ahead of the announcement of the official price range and order placements of its first electric-vehicle model,

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