Stocks on A-share and Hong Kong markets open higher on Monday
Published: May 16, 2022 11:17 AM Updated: May 16, 2022 11:11 AM
stock market Photo:VCG
stock market Photo:VCG

The A-share and Hong Kong stock markets opened higher on Monday, with shares of real estate, property management, technology and airport shipping leading the rise.

China on Sunday moved to cut mortgage rates by 20 basis points for first-time homebuyers to boost housing sales. Shanghai confirmed the city will resume businesses in stages from Monday.

Seazen Group Limited rose 7.57 percent, Country Garden rose 7.47 percent, KWG Group Holdings up 5.81 percent, and Vanke up 4.52 percent. Property shares including Rongan Property reached their trading limit.

Hong Kong's major indices also opened higher, with property and tech stocks leading the rise.

The Hang Seng Index opened 1.17 percent higher, while Hang Seng TECH Index opened 2.37 percent higher on Monday.

Shares of Global Data Solutions Limited rose 9.2 percent, Bilibili's shares opened 6.4 percent higher, Alibaba shares up 4.62 percent, Baidu up 4.14, Meituan up 2.8 percent and up 2.71 percent.

The reopening of Shanghai has also greatly boosted the A-share market.

The three major A-share indexes all opened higher, with the Shanghai Composite Index up 0.53 percent, the Shenzhen Component Index up 0.82 percent, and the ChiNext Index, or the Growth Enterprise Market Index, up 0.78 percent.

The ChiNext Index and Shenzhen Component Index once rose more than 1 percent during Monday morning's trading session.

Airport shipping plate rose, with Juneyao Airlines rose more than 7 percent, shares of Spring Airlines, China Airlines, Air China and China Southern Airlines all went high.

The share rise came after airlines' announcement on late Sunday that they will gradually resume operations from Monday in consideration of the drop in daily confirmed cases in Shanghai.

The resumption of work and production of various enterprises in Shanghai has been steadily accelerated.

According to the latest data from gas stations and electric power companies, electricity consumption in some parts of Shanghai has reached 70 percent of pre-epidemic levels, and daily deliveries of oil products have doubled compared to before the resumption of work.

Global Times