Market Commentary - Foreign Markets
Hong Kong Market gains 0.22% As on : 04-Jun-24  16:13

Hong Kong share market finished higher for a second day on Tuesday, 04 June 2024, as investors sentiments underpinned amid signs of stability in China?s property sector after recent stimulus measures with growing US rate cut hopes after the US economy showed more signs of slowing down also fanning sentiment.

At closing bell, the benchmark Hang Seng Index advanced 41.07 points, or 0.22%, to 18,444.11. The Hang Seng China Enterprises Index jumped 22.33 points, or 0.34%, to 6,554.32.

The sub-index of the Hang Seng tracking properties led the gains by rising 1.05%, meanwhile, the utilities sector added 1.04% and the commerce & industry sector ended 0.46% higher. The finance sector sank 0.39%.

Among blue chips, Food delivery platform Meituan advanced 4.1% to HK$113.50 and Tencent added 0.6% to HK$377.40. Hang Lung Property rallied 3.2% to HK$7.53 and Longfor jumped 3.8% to HK$13.04. China Vanke jumped 7% to HK$5.80, after the company said home sales for May rose 11.3% from the previous month.

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