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<HK Wrap-up>HSI Rallies 407 pts; Alibaba Series Rise Sharply; CCB Brisk Pre-result
2023/03/29 16:31
Hong Kong stocks broadly advanced as technology shares were shored up by BABA-SW (09988.HK)'s announcement of a major corporate restructuring plan. The HSI rallied 407 pts or 2.1% to close at 20,192; the HSCEI ascended 149 pts or 2.2% to close at 6,878; the HSTECH climbed 102 pts or 2.5% to close at 4,246. The full-day turnover amounted to $146.41 billion.

Companies of the Alibaba series rose sharply. BABA-SW surged 12.2% to $94.55. SUNART RETAIL (06808.HK) leapfrogged 18.5%. ALI HEALTH (00241.HK) and ALI PICTURES (01060.HK) gained nearly 5.2% each. TVB (00511.HK) also mushroomed 13.9% to $10.8 after Taobao expressed that the restructuring would allow the company to conduct business partnership more flexibly.

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As for financials, HSBC HOLDINGS (00005.HK) inched up 0.6% to $52.95. HKEX (00388.HK) and AIA (01299.HK) lifted 2.8% and 1.5% to $343.6 and $83.1, respectively. CCB (00939.HK) thrived 1% ahead of its result announcement. ABC (01288.HK), ICBC (01398.HK) and BANK OF CHINA (03988.HK), which are scheduled to report the 2022 financial results tomorrow (30th), elevated 1-1.7%. BOC HONG KONG (02388.HK) gained 1.4%.
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