Hong Kong Market rebounds 1.2%

September 23,2021

Hong Kong stock market finished session higher on Thursday, 23 September 2021, as investors chased for bottom fishing on recently battered stocks, with shares of realty developers being notable gainers on receding fears of a corporate collapse after embattled property giant Evergrande reached settlement with mainland bondholders.

At closing bell, the benchmark Hang Seng Index advanced 1.2%, or 289.44 points, to 24,510.98. The Hang Seng China Enterprises Index gained 1.08%, or 93.36 points, to 8,733.73.

Shares of property developers were up, with of China Evergrande Group jumping 17.6%, as investors bet the company would avoid a disorderly debt resolution after one of its units negotiated interest payments on yuan bonds. China based property business Country Garden Services Holdings surged 12.7%. Construction and property services business Longfor Group Holdings gained 9.7%. Country Garden Holdings company engaged in sale of properties also moved up more than 7%.

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