29 Feb Hong Kong stocks set for best monthly gain since January 2023 on property tonic, China market intervention
Hong Kong stocks set for best monthly gain since January 2023 on property tonic, China market intervention
The Hang Seng Index rose 0.6 per cent to 16,630.17 at 11.08am local time, bringing the rally this month to 7.5 per cent. The Tech Index added 0.6 per cent while the Shanghai Composite Index jumped 1.3 per cent.
Sun Hung Kai Properties rose 1.5 per cent to HK$79.15 while peer Henderson Land added 0.9 per cent to HK$23.25. China’s biggest chip maker SMIC rallied 5 per cent to HK$16.62 and Anta Sports jumped 2.7 per cent to HK$76.70. Tencent added 0.1 per cent to HK$277.40 and HSBC gained 1.3 per cent to HK$60.65.
Local stocks rose to the highest level this year on Tuesday after builders jumped and traders raised bets on property market stimulus. Financial Secretary Paul Chan Mo-po removed the city’s decade-old curbs on property financing during the Budget address on Wednesday.
Separately, Beijing will strengthen judicial protection and enforcement in the capital market to stabilise expectations and foster long-term development, the China Securities Regulatory Commission said in a statement. The regulator has become more vocal after installing Wu Qing as its chief this month to help stem an exodus of global funds.
Hong Kong Exchanges and Clearing rose 0.3 per cent to HK$245.20 before the city’s bourse operator releases its 2023 report card. NetEase was little changed at HK$176.60 as the Chinese online game operator prepares to also report on Thursday.
Other major Asian markets were mixed. Japan’s Nikkei 225 slipped 0.3 per cent and South Korea’s Kospi retreated 0.5 per cent, while Australia’s S&P/ASX 200 was little changed.
