March 22, 2023

The Dangle Seng Index climbed 1.6 per cent to 19,518.59 on the shut of Friday buying and selling time, lifting this week’s achieve to 1 per cent. The Tech Index surged 4.4 per cent whereas the Shanghai Composite Index superior 0.5 per cent.

Tech shares led the rally, with Alibaba Group rising 1.2 per cent to HK$81.50 and Tencent strengthening 1 per cent to HK$339.40. Macau on line casino operator Galaxy Leisure jumped 2.5 per cent to HK$51.65 and developer Longfor Group appreciated 3.1 per cent to HK$21.85.

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“The sentiment in markets has improved and there’s optimism in China’s tech and actual property sectors,” mentioned Gary Ng, a senior economist in Hong Kong at Natixis. “Nonetheless, it’s potential to see strain down the street. The market continues to be very delicate to any information associated to monetary stability.”

US shares surged in a single day by essentially the most since January, after a bunch of lenders together with JPMorgan Chase and Financial institution of America agreed to deposit US$30 billion into First Republic Financial institution to pre-empt a liquidity disaster. Individually, the Swiss authorities is alleged to be planning to power Credit score Suisse and UBS to mix, in accordance with media studies.

Confidence amongst overseas traders additionally improved after China reinstated reside knowledge feeds for bond merchants on Friday, days after authorities abruptly reduce off entry within the US$21 trillion onshore market amid issues about knowledge safety, Reuters reported.

Elsewhere, CK Asset Holdings fell 0.8 per cent to HK$42.65, after the developer mentioned web revenue shrank 7 per cent final yr. Li Ning plunged 9.9 per cent to HK$57.70 after the sportswear maker mentioned earnings nearly plateaued final yr, trailing market estimates.

Weihaishi Honglin Electronics jumped 21.6 per cent to 24.30 yuan on its first day of buying and selling in Shenzhen.

Markets within the Asia-Pacific area traded increased. Japan’s Nikkei added 1.2 per cent and South Korea’s Kospi gained 0.8 per cent whereas the ASX S&P 200 in Australia added 0.4 per cent.

This text initially appeared within the South China Morning Submit (SCMP), essentially the most authoritative voice reporting on China and Asia for greater than a century. For extra SCMP tales, please discover the SCMP app or go to the SCMP’s Fb and Twitter pages. Copyright © 2023 South China Morning Submit Publishers Ltd. All rights reserved.

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