Property developers, EV makers lead gains (Il Sole 24 Ore Radiocor) - Hong Kong, 02 May - Hong Kong shares closed sharply higher, leading the gains amid muted Asian peers and extending a recent rally after posting last week their biggest weekly gain since November 2022.

The mainland Chinese markets were closed today and tomorrow for Labor Day.

In Hong Kong stock market dealings real estate developers soared after Beijing lifted restrictions on multiple home buying across several major cities after a 13-year freeze, in a bid to prop up China's ailing property market.

Among Hong Kong-listed developers, Sands China soared 3.32%, China Resources Land rallied 4.57% and Longfor Properties Co Ltd jumped 7.63%, leading the gains on the Hang Seng index.

The Hang Seng mainland properties index jumped 4.49%.

Shares of Chinese electric vehicle maker Nio Inc rallied 20.70%, hitting a six-week high leading the gains amid strong Chinese EV makers, after its vehicle deliveries more than doubled in April.

Peer Xpeng jumped 8.24% after it said it delivered 9,393 EVs in April, up 33% from last year.

The Hang Seng Tech index jumped 4.45%.

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(RADIOCOR) 02-05-24 11:27:07 (0280) 5 NNNN