Hong Kong stocks rise for seventh day, briefly cross 28,000 mark
Zijin, CNOOC, PetroChina, Longfor and China Overseas Land lift Hang Seng Index from early slump
The Hang Seng Index closed 0.5 per cent higher at 27,968.09, after briefly crossing 28,000 points, a level last seen in July 2021. The benchmark gained 2.6 per cent on Wednesday. The Hang Seng Tech Index dropped 1 per cent. On the mainland, the CSI 300 Index rose 0.8 per cent and the Shanghai Composite Index added 0.2 per cent.
Metals miner Zijin Mining Group jumped 3.1 per cent to HK$46.14, while oil and gas producer CNOOC rose 1.3 per cent to HK$24.96 and peer PetroChina gained 1.5 per cent to HK$9.39.
Property builders rose after media reports said that developers did not have to submit key metrics linked to the “three red lines” deleveraging campaign on a monthly basis. Longfor Group Holding advanced 5.8 per cent to HK$10.44, peer China Overseas Land & Investment added 6.1 per cent to HK$14.63 and China Resources Land jumped 4.6 per cent to HK$31.18.
E-commerce giant JD.com fell 1.5 per cent to HK$114.60 and online travel-booking agency Trip.com slipped 2.7 per cent to HK$482.20. Electric-vehicle maker BYD lost 1 per cent to HK$101.80 and peer Li Auto lost 1.2 per cent to HK$67.70.