Hong Kong Market surges 2.4%

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Hong Kong share market finished session sharply higher after a 4-day break on Tuesday, 02 April 2024, led by energy and technology shares, amid optimism over improved Chinas manufacturing activity data and hopes for more stimulus measures

City market surged after encouraging news regarding China’s manufacturing sector. Chinas official PMI manufacturing index rose to 50.8 in March from 49.1 in February, the statistics bureau said on Sunday. A reading above 50 signifies growth in the sector. Adding to the optimism, a separate report by Caixin/S&P Global showed an even sharper rise in the manufacturing PMI to 51.1 in March from 50.9 in February.

At closing bell, the benchmark Hang Seng Index surged 390.10 points, or 2.36%, to 16,931.52. The Hang Seng China Enterprises Index added 149.93 points, or 2.58%, to 5,960.72.

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In corporate news, Trip.com advanced 9.2% after Citigroup raised their price target for the travel agencys scrip on an improving outlook.

Smartphone maker Xiaomi surged 9% on the news that its very first electric vehicle model has sold out for 2024. The SU7 sedan garnered close to 89,000 bookings in just 24 hours of launch.

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