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Hong Kong Market surges on upbeat China outlook

24-Apr-24 15:29 Hrs IST

Hong Kong share market finished higher for third straight session on Wednesday, 24 April 2024, as buying encouraged by tracking overnight gains on Wall Street on good corporate earnings and brokerage houses rosy economic outlook for both China and Hong Kong stocks.

Goldman Sachs' forecasted a potential surge of up to 40% for Chinese shares if the country introduces reforms for corporate governance, dividend distributions and institutional ownership. The bullish outlook follows UBS' upgrade on Chinese and Hong Kong stocks to overweight, citing competent corporate earnings, Beijing?s policy support and returning tourists as the major factors for the upgraded index.

At closing bell, the benchmark Hang Seng Index jumped 372.34 points, or 2.21%, to 17,201.27. The Hang Seng China Enterprises Index added 145.60 points, or 2.45%, to 6,100.22.

Among blue chips, Ping An Insurance advanced 4.2% to HK$34.40, and Hong Kong Exchanges and Clearings (HKEX added 3.6% to HK$239, after their first quarter earnings beat consensus estimates.

SenseTime Group, which makes chips for artificial intelligence (AI), rose as much as 36% after releasing the latest version of its SenseNova generative AI model. The stocks surged 31% to HK$0.80 before trading in its shares was suspended pending an exchange statement on possible inside information.

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