Hong Kong Market surges to 6-month peak

Hong Kong share market finished session near a six-month high on Thursday, 05 January 2023, extending winning streak for fourth consecutive day.

The rally on city bourses chiefly due to China pledges of more supportive economic measures and announcement of reopening its border with Hong Kong on January 8, nearly three years after it was largely shut in an effort to contain the spread of COVID.

At closing bell, the benchmark Hang Seng Index advanced 259.06 points, or 1.25%, to 21,052.17, he highest level since July 11, 2022. The Hang Seng China Enterprises Index was up 106.90 points, or 1.51%, to 7,172.43.

The People's Bank of China will implement a targeted and prudent policy this year to bolster the economy, it said in a statement on Wednesday after its annual work conference. Finance Minister Liu Kun this week also pledged more fiscal support for the economy.

Among blue chips, Alibaba Group rallied 3.7% to HK$100, Meituan surged 5.7% to HK$191.70 and JD.com rose 3% to HK$248.20. HSBC gained 2.5% to HK$51.25 while electric-vehicle maker BYD climbed 1.5% to HK$206.

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