Global Market News

Hong Kong Hang Seng Up 1.3% on Beijing Stimulus, Regulatory Outlook


Last updated: 06/23/2022 06:19:02

06:19 AM EDT, 06/23/2022 (MT Newswires) -- Hong Kong's Hang Seng Index rose 1.3% Thursday on the outlook that Beijing may ease regulatory pressures on tech enterprises, and after China President Xi Jinping vowed on Wednesday at a business forum that the nation will hit its annual economic growth targets this year.

The broad gauge Hang Seng rose 265.53 to 21,273.87, as gaining issues outnumbered losers 52 to 13. The Hang Seng TECH Index rose 2.3% on the day, while the Mainland Properties Index rose 1.5%.

Leading the upside were Geely Automobile (0175:HK), up 7.4%, followed by e-commerce colossus Alibaba (BABA, 9988:HK), up 6.4%, and then automaker BYD (1211:HK), up 4.5%.

On the downside were shipping line Orient Overseas (0316:HK), off 5.3%, and then aluminum-producer China Hongqiao (1378:HK), off 2.1%.

On the mainland, the Shanghai Composite rose 1.6% to 3,320.15.
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