Hong Kong Stocks Rebound on New Funding Scheme, Positive Econ Data; Property Firms Surge on Support Measures

MT Newswires Live10-18

Hong Kong stocks rebounded to close the week on a positive note, as investor sentiment was given a lifeline by China's latest funding initiatives and positive economic data.

The Hang Seng Index surged 3.61%, or 725.01 points, to close Friday's trade at 20,804.11. The Hang Seng China Enterprises Index rose 4.07%, or 292.51 points, to 7,471.95.

The Chinese central bank has launched 800 billion yuan funding schemes to uplift the stock market and restore investor confidence.

To further boost sentiment, China reported a 5.4% and 3.2% respective growth in industrial production and retail sales in September.

The country's gross domestic product swelled by 4.6% in the third quarter, a decline from 4.7% in August but higher than the 4.5% increase predicted by Reuters-polled economists.

Market leaders and tech giants Xiaomi (HKG:1810) and Tencent (HKG:0700) rose 6% and 5% respectively, with Chinese delivery firm Meituan (HKG:3690) swelling 9% at the week's close.

In corporate news, property firms surged as the Hong Kong Monetary Authority introduced new measures to encourage property purchases in the backdrop of declining demand and a drop in home prices.

Sunac China Holdings (HKG:1918), China Vanke (HKG:2202, SHE:000002), and Hopson Development (HKG:0754) soared 8%, 4%, and 4%, respectively.

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