FX.co ★ Hang Seng Turns Early Losses to End at 4-1/2-Year Peak

On Thursday, the Hang Seng Index experienced a notable uptick, advancing by 141 points, or 0.5%, to conclude at 27,968. This marked a turnaround from morning declines and achieved the highest level in four and a half years, predominantly driven by the property and financial sectors' performance. Property stocks surged by 1.8%, in alignment with their mainland counterparts, following the Chinese authorities' decision to abolish the requirement for developers to submit monthly reports on debt-to-cash, debt-to-assets, and debt-to-equity ratios. These constraints were initially set in 2020 as prerequisites for obtaining new loans. In response to the policy shift, Longfor Group soared by 5.2%, alongside China Overseas Land with a 5.4% increase and China Resources Land at 4.4%. The financial sector also showed robust growth as the Hong Kong Monetary Authority maintained the base interest rate at 4.0%, reflecting the U.S. Federal Reserve's choice, in accordance with the city’s currency peg system. AIA Group saw a rise of 2.2%, while China Construction Bank and China Taiping Insurance each increased by 1.4%. On the contrary, Sands China, a casino operator, plunged by 7.2% after posting profitability results that fell short of expectations.