Hong Kong’s Hang Seng Index clears 20,000 level as mainland buying props up sentiment

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The benchmark gained 1.1 per cent, the most in nearly two weeks, while the turnover on the exchange was 14 per cent below average

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Hong Kong stocks rallied as Chinese investors continued to pump money for a sixth consecutive day. Photo: Shutterstock

Zhang Shidongin Shanghai

Published: 10:40am, 24 Dec 2024Updated: 9:19am, 25 Dec 2024

Hong Kong stocks rose by the most in nearly two weeks, driving the benchmark above the 20,000 level, as mainland investors snapped up shares on expectations that China will implement more policies to boost economic growth.

The Hang Seng Index gained 1.1 per cent to 20,098.29 at the close, finishing above the psychological threshold for the first time since December 12. The Hang Seng Tech Index also advanced 1.1 per cent.

Trading was light, with turnover 14 per cent below the 30-day average, according to Bloomberg data. The city’s financial markets will be closed up to Thursday because of the Christmas holiday.

On the mainland, the CSI 300 Index rose and the Shanghai Composite Index advanced 1.3 per cent at the end of trading.

Shares of Orient Overseas, the parent company of Orient Overseas Container Line, surged in Hong Kong on Tuesday. Photo: VCG via Getty Images

E-commerce giant Alibaba Group Holding and shipping carrier Orient Overseas International were among the top blue chip gainers. CK Asset Holdings advanced after the Li Ka Shing Foundation increased its stake in the conglomerate.