Jan 20 (Reuters) - Hong Kong shares jumped the most in more
than six months to finish up on Thursday, after China cut a set
of key policy rates and lending benchmarks to prop up a slowing
economy, with investors pinning hopes on further easing in
policies by Beijing.
The Hang Seng index rose 3.4%, to 24,952.35, while
the China Enterprises Index gained 3.8%, to 8,761.56
points.
** The one-year loan prime rate (LPR) was lowered by 10
basis points, and the five-year LPR was reduced by 5 basis
points the first reduction since April 2020.
** The Hang Sang Tech Index surged 4.5% after
China's cyberspace regulator denied issuing a document with new
guidelines for the nation's leading internet companies that
would require them to seek approval for new investments and
fundraising.
** Shares of Chinese leading tech giants, also index
heavyweights, such as Tencent Holdings, Alibaba Group
and Meituan ended up 6.6%, 5.9% and 11%,
respectively.
** Mainland developers listed in Hong Kong soared
4.6%, with Shimao Group and Sunac China Holdings
up 12.1% and 15.2%, respectively.
** Reuters reported that China is drafting nationwide rules
to make it easier for developers to access funds from sales
still held in escrow accounts, in its latest move to ease a
severe cash crunch in the sector.
** The Hang Seng Finance Index rose 2.5%, with
insurer AIA Group gaining 5.8%. Consumer staples
added 2.6%.
(Reporting by the Shanghai Newsroom
Editing by Raissa Kasolowsky)