The stock market in Hong Kong experienced a surge forward in a rally that was fueled by the technology and banking sectors. This was driven by hopes for policy support from China and positive comments from the US Federal Reserve, as well as Apple’s announcement of a massive share buy-back plan.
During the noon trading break, the Hang Seng Index rose by 1.1 percent to 18,413.79, officially entering bull-market territory after climbing 20 percent from a January low. The Hang Seng Tech Index also saw gains of 2 percent in response to Apple’s share repurchase plan.
Heavyweights like Tencent and Alibaba led the way in trading volume, with Tencent increasing by 0.8 percent to HK$363.20 and Alibaba rising by 3.5 percent to HK$78.75. While China’s onshore stock exchanges remained closed for the week, positive sentiment continued after China’s top policymakers indicated their support for economic growth at the Politburo meeting on April 30.
Banking shares, including China Construction Bank and Industrial and Commercial Bank of China, continued to rise, with gains of 0.8 percent and 1.2 percent respectively. Insurance stocks also showed positive movement, with AIA jumping 3 percent to HK$61.15 and Ping An rising by 2.4 percent to HK$38.90
