Hong Kong is going through a breakthrough in the economic and market view. As a result, Hong Kong’s share market ended for the day at a peak (09 January 2023). The benchmark of the Hang Seng Index advanced 397.70 points or 1.89% to 21,388.34, a six-month high. The Hang Seng China Enterprises Index was 142.43 points or 1.99% to 7286.07.
China is aiming to overtake the U.S. economy. Therefore, the country expects to slow the U.S. rate hikes to fortify risk confidence. Further, they are commencing market trading for firms as investors’ sentiments are attached to it. After the news of the slowdown in the U.S. wage rate, investors feel eased; however, there is tension related to the U.S. Federal Reserve monetary policy.
Talking about sentiments, China has strengthened its belief by opening the borders of sea and land crossings with Hong Kong this Sunday. The boundaries are extended on the terms of dismantling the zero-COVID policy and starting entertaining the incoming travelers to quarantine.
On Sunday, 45000 footfalls were counted on the crossing line towards Hong Kong-mainland China in all directions; the four land ports and ferry terminal, according to provisional immigration figures.
Aiding the Hong Kong economy status
| Company Name | Share value % | Currency HK $ |
|---|---|---|
| Alibaba Group Holding | 8.7% | 110.40 |
| Tencent Holding | 3.6% | 362.00 |
| Baidu | 3.2% | 131.40 |
| Macau Casino Operators | 3.7% | — |
| Galaxy Entertainment | 4.2% | — |
China and its government is becoming favorable to its special administrative region Hong Kong. The banker pledged to support the internet sector and private firms to thrive, and Jack Ma has withdrawn Alibaba’s shares from the Ant Group and ceded control of the Fintech giants.
- Published By Team Hongkong Journalist
