Hang Seng confirms its recovery trend after adding another 7%

Shanghai (China), 17 Mar The Hong Kong Stock Exchange benchmark, Hang Seng, closed today with a significant rebound of 7.04% on the second consecutive day of recovery following the crashes at the beginning of the week. Signs of support for capital market stability by the Chinese government managed to reverse investors' spirits, which were very negative in the previous days due to the outbreaks of covid in Hong Kong and mainland China, as well as the war in Ukraine. The selective scored 1,417.73 points to 21,501.23, while the index that measures the performance of mainland Chinese companies listed on Hong Kong parquet, Hang Seng China Enterprises, increased by 7.52%. Among the subscripts, the largest increase was that of Real Estate (9.46%), followed by Commerce and Industry (8.21%), Finance (5.51%) and Services (2.3%). Optimism among investors in real estate securities follows Beijing's decision to halt this year's extension of pilot tests for a harmonized property tax, as well as the Executive's call for “timely, powerful and effective solutions to prevent and resolve risks” in the sector. Thus, the biggest rebounds today, by far, were those of the developer Country Garden (28.41%) and its real estate management subsidiary, CG Services (30.42%). Further, but still with a significant double-digit rise, were the biotechnology solutions company for pharmaceuticals Wuxi Biologics (19.79%) or the e-commerce platform JD.com (15.85%). Parquet heavyweights also followed the positive trend today, with gains of 6.27% for Tencent, 12.46% for Alibaba or 4.07% for banking giant HSBC. The turnover of the session was 300,960 million Hong Kong dollars (38,483 million dollars, 34,797 million euros).