Market rallies past 17,000 as sentiment improves
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Hong Kong stocks jumped above 17,000 points as sentiment improved despite Fitch Ratings' cut in its outlook of China. The Hang Seng Index closed 311 points higher, or 1.9 percent, to 17,139 points. Fitch Ratings revised China's outlook to negative from stable, citing concerns about the growing burden of government deficits. China's Ministry of Finance responded that the goal of 3 percent government deficit is overall 'appropriate and reasonable' and will benefit the economy. In Hong Kong, tech stocks led a rally buoyed by share buybacks in the sector and China's latest batch of online game approval. Tencent climbed 3 percent as it continued its share repurchase plans while Alibaba rose 4.9 percent. Ping An Insurance inched up 0.6 percent despite a trust under the insurer missing repayment due two weeks ago. Shares of China Vanke lost 4.3 percent as a regional manager in the city of Jinan was assisting an investigation. NetEase edged higher by 0.8 percent after announcing the resumption of cooperation with Blizzard Entertainment. Chinese sportswear brand 361 Degrees rose 6.8 percent on strong first-quarter sales. Fashion retailer Esprit extended its gain by 65.7 percent on a potential partnership with an international private equity group in its European businesses.

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https://www.thestandard.com.hk/section-news/section/2/261902/Market-rallies-past-17,000-as-sentiment-improves