Hong Kong stocks rise on hopes of strong China market reopening

Henderson Land Development Co

27/01/2023 09:01

Jan 27 (Reuters) - Hong Kong shares ended higher on
Friday, with investors positioning for a strong opening for the
mainland China markets after the Lunar New Year break.
    ** Mainland China markets are due to resume trading on
Monday.
    ** "Optimism of a recovery in the mainland and the market
has more or less discounted the impact from the potential U.S.
rate hikes, encouraging investors to position themselves for a
strong start to the China market reopening," said Steven Leung,
sales director at UOB Kay Hian in Hong Kong.
    ** At the close of trade, the Hang Seng index  .HSI  was up
122.12 points or 0.54% at 22,688.90. The Hang Seng China
Enterprises index  .HSCE  rose 0.87% to 7,773.61.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 1.1%, while the IT sector  .HSCIIT  rose 1.36%,
the financial sector  .HSNF  ended 0.1% lower and the property
sector  .HSNP  rose 0.79%.
    ** The top gainer on the Hang Seng Index was Country Garden
Holdings Co Ltd  2007.HK , which gained 6.23%. The biggest loser
was Xinyi Solar Holdings Ltd  0968.HK , which fell 2.97%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.09%, while Japan's Nikkei index
 .N225  closed up 0.07%.
    ** Property developers, including Henderson Land  0012.HK 
and CK Asset  1113.HK , slipped as Hong Kong home prices dropped
15.6% in 2022, snapping 13 years of gain.  urn:newsml:reuters.com:*:nL1N34C05R
    ** The top gainers among H-shares were SenseTime Group Inc
 0020.HK , up 19.91%, followed by Country Garden and Longfor
Group Holdings Ltd  0960.HK , which was up by 4.25%.
    ** The three biggest H-shares percentage decliners were
Xinyi Solar and Zhongsheng Group Holdings Ltd  0881.HK , which
fell 2.23%, while Lenovo Group Ltd  0992.HK  was down by 2.02%.
 (Reporting by Donny Kwok; Editing by Savio D'Souza)
 ((donny.kwok@thomsonreuters.com; +852 3462 7745;))