Hong Kong: Shares close higher as healthcare stocks rebound

[HONG KONG] Hong Kong shares settled higher on Tuesday as healthcare stocks rebounded from a sharp drop in the previous session, with analysts saying the sector is worth buying after adjustments.

The Hang Seng index rose 0.2 per cent to 24,813.13 while the China Enterprises Index gained 0.1 per cent to 8,806.02.

Healthcare stocks rebounded 5 per cent after vaccine-related firms dragged down the index in the previous session.

Healthcare firm Wuxi Biologics jumped 10 per cent after Monday's 8.6 per cent drop and was the biggest percentage gainer on the Hang Seng Index.

Investment bank CICC analysts said in a note that the healthcare sector is worth buying after adjustments, but market sentiment remained pessimistic.

Property firms shed 0.5 per cent amid intensifying worries over the liquidity crisis in the real estate sector, with Shimao Group Holdings plunging 7 per cent.

Developer Country Garden Holdings lost 5 per cent, the biggest percentage decliner on the Hang Seng Index.

A think-tank of China's powerful state council met real estate developers and banks on Monday where Kaisa Group Holdings urged state companies to help private firms improve liquidity.

Geely Automobile Holdings rose 2.6 per cent after its sales of new energy and electrified vehicles (NEV) for October increased 36 per cent from a year ago.

REUTERS