Hong Kong share market finished volatile session modestly higher on Tuesday, 30 May 2023, as investor chased for bottom fishing after four straight sessions of losses amid optimism that the world's largest economy will avert a major debt default. However, market gains capped on caution ahead of China's May manufacturing PMI data due on Wednesday.
At closing bell, the benchmark Hang Seng Index was up 44.67 points, or 0.24%, to 18,595.78. The Hang Seng China Enterprises Index added 32.67 points, or 0.52%, to 6,283.71.
The tentative debt-ceiling agreement, which US President Joe Biden and House Speaker Kevin McCarthy reached on Sunday, is now set to move to the Congress. The pair expressed their confidence on Monday that a deal to suspend the debt ceiling will pass both houses in coming days, while traders remained cautiously optimistic about the market outlook after the deal.
Among blue chips, Tencent gained 1% to HK$316.20, JD.com climbed 1.6% to HK$130 and Alibaba strengthened 1.3% to HK$78.80. Baidu surged 3.1% to HK$123.40 after Beijing rolled out a new policy supporting the artificial-intelligence industry. Gaming giant NetEase lost 0.3% to HK$139.50 and WuXi Biologics declined 0.7% to HK$41.70. Semiconductor Manufacturing International Corporation lost 0.4% to HK$19.92.
EV maker BYD jumped 2.2% to HK$234.40 after the company announced it will build another plant in Southeast Asia to tap the region's market.
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