Hong Kong Market Continues Upward Momentum as Hang Seng Index Gains Over 2%

Deep News07-20 10:02

Hong Kong stocks maintained their positive trajectory on Friday, with gains intensifying across the board.

The Hang Seng Index advanced by more than 2%, while the Hang Seng Tech Index surged over 3%.

Among the benchmark's constituents, Alibaba Group Holding Ltd and Kuaishou Technology saw their shares rise more than 5%.

Other notable performers included Sino Biopharmaceutical Ltd, CNOOC Ltd, BeiGene Ltd, and PetroChina Co Ltd, all climbing more than 4%.

This market strength follows recent announcements from major state-owned investment platforms regarding market support measures.

China Reform Holdings announced on Thursday evening that it has utilized over 50 billion yuan from special relending facilities and supporting funds designated for share buybacks and increased holdings to bolster market stability.

On the same day, China Chengtong Holdings Group stated it had recently accumulated nearly 10 billion yuan in Chinese equity assets through purchases.

Both institutions have expressed their commitment to continue taking all necessary actions to ensure the stable operation of the capital market.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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