Hong Kong Stocks Extend Gains; CITIC Resources Surges 6%

MT Newswires Live03-17

Hong Kong stocks rose for a second straight day to begin the trading week in green as investor sentiment was buoyed by encouraging economic data from China.

The Hang Seng Index rose 0.77%, or 185.59 points, to end at 24,145.57. The Hang Seng China Enterprises Index added 0.57%, or 50.46 points, to 8,928.45.

Sentiment, which was thrown a lifeline after a renewed interest in tech stocks on Friday, remained positive after Chinese retail sales saw a 4% boost to 8.373 trillion yuan in the two months ended Feb. 28.

An upbeat investor mood persisted despite China's unemployment rate rising to 5.4% year over year in February from 5.2% in January.

In corporate news, natural resource company CITIC Resources (HKG:1205) surged 6% after posting a 3.8% year-over-year rise in attributable profit for 2024 to HK$572.6 million, with revenue soaring 148% to HK$9.49 billion.

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