Hong Kong stocks rallied, internet companies, education firms, mainland developers surged on policy support

 

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The Hang Seng Index gained 2.7% to close at 19,679 on Thursday, the Hang Seng China Enterprises Index up 3.3% and the Hang Seng Tech Index jumping 4.6%.

Hong Kong stocks of US-listed companies rallied after China’s top securities regulator CSRC vowed to set up a mechanism for regular cooperation on audit supervision between China and the US. Internet companies gained across the board after Premier Li Keqiang reiterated support for the platform economy.

Education companies, mainland property developers and property management companies were mostly higher after regulators reiterated policy support. Movie production companies, entertainment companies, catering companies and sports goods producers rallied on expectation of business recovery after the pandemic in China. 

Electric power generators, paper producers, defence stocks and coal miners were mostly lower.