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  • Hong Kong Markets rises 2.1%; Tech stocks lead rally
  • March 29,2023  15:57
  • Hong Kong share market finished session sharply higher on Wednesday, 29 March 2023, as investors risk sentiments underpinned on easing fears of a banking crisis, with shares in technology companies leading rally on Alibaba's decision to split into six separate companies.

    At closing bell, the benchmark Hang Seng Index advanced 407.75 points, or 2.06%, to 20,192.40. The Hang Seng China Enterprises Index inclined 149.17 points, or 2.22%, to 6,878.93.

    Market risk sentiments underpinned on easing worries over the banking sector, with investor nerves soothed by the sale of assets in collapsed lender Silicon Valley Bank and few signs of further stresses in the banking system following weeks of volatility in the market.

    Major Chinese technology firms rallied, led by Alibaba as the e-commerce firm's plans to split into six separate companies drove up hopes that Beijing will adopt a less strict stance against the country's internet giants.

    Alibaba shares jumped as much as 16% after it unveiled its spinoff plans on late-Tuesday. Alibaba's peers Baidu Inc and Tencent Holdings rose about 2% each, while e-commerce rival JD.com added nearly 3%. Alibaba Health Information Technology, another spinoff from the internet giant, rose 6.3%, while food delivery giant Meituan added 5.1%.

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