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Foreign Markets
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Hong Kong Market rises on drop in new coronavirus cases
(17:25, 02 Jun 2020)
The Hong Kong stock market rallied for a second consecutive session on Tuesday, 02 June 2020, as investors sentiments was lifted by tracking a positive lead from Wall Street overnight. Meanwhile, China central bank steps to help small businesses and Beijing announcement a plan to build Hainan province into a free-trade port by 2025 also underpinned sentiment. However, market gains were somewhat capped due to diplomatic tension between Washington and Beijing over civil liberties in Hong Kong.

At closing bell, the benchmark Hang Seng Index advanced 1.11%, or 263.42 points, to 23,995.94. The Hang Seng China Enterprises Index grew 0.43%, or 42.42 points, to 9,876.25.

Market risk sentiment got a lift by central bank steps to help small businesses in China. The country's five largest banks were told to make loans more easily available and extend loan repayment deadlines. In addition, the central bank said it will offer lower rates and other measures to encourage financial institutions to extend loans to small businesses.

Real estate was one of the strongest sectors, with Link REIT shooting up more than 6% after the shopping centre and car park owner posted stronger-than-expected net property income on Monday. Morgan Stanley raised Link's rating to “equalweight” from “underweight”.

Health care was also a strong sector, with CSPC Pharmaceutical Group shooting up 4.6% to HK$16.38 as CCB International Security initiated coverage of the China medicine giant at “outperform” and gave it a 12-month price target of HK$18.40.

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