Hong Kong Shares Rise 2.0% as RRR Cut Boosts Sentiment -- Market Talk

Dow Jones01-25

0859 GMT - Hong Kong shares closed higher as investor sentiment got a boost after China's central bank announced a surprise RRR cut for banks. Shares of state-owned companies were among the top gainers after Chinese regulators said they will consider share price a key indicator when determining state-owned enterprises' performance. PetroChina advanced 8% and China Petroleum & Chemical Corp. climbed 7.25%. The property sector also rose, with Longfor Group and Country Garden Services gaining 8.1% and 7.5%, respectively. Among the decliners, WuXi AppTec was 2.3% lower and Meituan lost 1.3%. The benchmark Hang Seng Index closed 2.0% higher at 16211.96 and the Hang Seng Tech Index rose 0.9%. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

January 25, 2024 03:59 ET (08:59 GMT)

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