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  • Hong Kong Markets rebounds 1.4%
  • March 21,2023  16:40
  • Hong Kong share market finished session sharply higher on Tuesday, 21 March 2023, on tracking positive lead from Wall Street overnight, thanks to the latest efforts to address turmoil in the banking sector, including UBS Group's (UBS) state-backed acquisition of Credit Suisse.

    At closing bell, the benchmark Hang Seng Index advanced 258.05 points, or 1.36%, to 19,258.76. The Hang Seng China Enterprises Index inclined 80.13 points, or 1.24%, to 6,549.78.

    Regulators in the UK and Europe sought to restore confidence in the market on Monday after the UBS takeover of Credit Suisse wiped out some US$17 billion of capital instruments held by investors. In the US, regulators are studying plans to guarantee all deposit if the banking crisis continues to worsen

    In Hong Kong, the monetary authority and the Securities and Futures Commission said the Credit Suisse situation represented “low exposure” to the city's financial-market stability given its relatively small presence.

    UBS on Sunday agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) in a merger engineered by Swiss authorities to avoid more turmoil in the banking group. Following the emergency rescue, the combined bank will have $5 trillion of invested assets, according to UBS.

    Investors are also focused on the Fed's decision when policymakers conclude a two-day meeting on Wednesday, with CME Group's FedWatch Tool currently indicating a 26.9% chance interest rates will remain unchanged and a 73.1% chance of a 25-basis point rate hike.

    Among blue chips, HSBC appreciated 2.9% to HK$51.90 and AIA Group leapt 2.9% to HK$77.85. Alibaba Group surged 1.6% to HK$80.50 while Tencent advanced 1.6% to HK$343.60.

    Among other notable winners, Baidu added 3.2% to HK$148.10 and WuXi Biologics jumped 8.9% to HK$49.15. Macau casino operator Sands China rose 2.7% to HK$26.60 while EV maker Xpeng soared 11% to HK$37.15.

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