Hong Kong stocks bounced back from a low point to close slightly higher on Thursday. This followed stronger markets overseas and a decrease in US Treasury yields. Investors were waiting for data from China’s Golden Week holiday and economic growth, but concerns about the mainland property sector may limit the rise in the property segment. The Hang Seng Index and the Hang Seng China Enterprises Index both ended up 0.1%. The Hang Seng Tech Index rose by 0.1% and Hong Kong-listed mainland property firms increased by 0.2%. Mainland markets are closed for the National Day holiday and will reopen on October 9. Citigroup raised China’s 2023 economic growth forecast to 5% from 4.7%, pointing to stabilizing economic indicators and supportive policy measures from Beijing. Hong Kong’s S&P Global Purchasing Manager’s Index contracted in September for the third consecutive month, indicating a continued decline in private sector conditions. Sunac China shares rose 12.1% after winning approval for an offshore debt restructuring plan, while China SCE Group fell to a record low after defaulting on its offshore debt. The top gainer on the Hang Seng Index was Budweiser Brewing Company APAC, up 5.4%, and the biggest loser was Techtronic Industries, down 2.9%.
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