Hong Kong stock market finished session higher on Thursday, 15 July 2021, as investors' cheered fresh liquidity from China's central bank and better than expected China's retail sales, industrial output and fixed investment growth for June. Meanwhile, dovish comments by the U. S. Federal Reserve chief also propped up investor appetite.
At closing bell, the benchmark Hang Seng Index added 0.75%, or 208.81 points, to 27,996.27. The Hang Seng China Enterprises Index rose 1.08%, or 109.20 points, to 10,174.27.
The sub-index of the Hang Seng tracking the commerce & industry sector added 0.38%, while the finance sector added 0.95%, the properties sector rose 1.98%, and the utilities sector added 1.46%.
In testimony to the U. S. Congress, Fed Chair Jerome Powell said the U.
S. economy was "still a ways off" from levels the central bank wanted to see before tapering its monetary support. He also said he is confident recent price hikes are associated with the country's post-pandemic reopening and will fade.
China's industrial production climbed an annual 8.3% in June, exceeding market expectations but down from 8.8% in May. Fixed asset investment jumped an annual 12.6%, slowing from 15.4% in the previous month. Retail sales expanded 12.1% year-on-year, after rising 12.4% in May. The jobless rate held steady at 5%.
China's gross domestic product was up 7.9% on year in the second quarter of 2021, the National Bureau of Statistics said on Thursday, down sharply from 18.3% in the three months prior. On a quarterly basis, GDP gained 1.3%, up from 0.6% in the previous three months.
Shares of banks and financials gained after the People's Bank of China unleashed a combined 110 billion yuan (US$17 billion) of liquidity through open-market operations and a cut in the reserve requirement ratio that kicked in on Thursday. China Construction Bank advanced 2.2% to HK$5.58. BOC Hong Kong and Industrial and Commercial Bank of China rallied by at least 1.6%.
BYD slumped 7.2% to HK$213.80 after one of its largest shareholders sold more H shares in the Chinese electric-vehicle maker.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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