HONG KONG — Hong Kong's stock market ended higher on Thursday, with the benchmark Hang Seng Index up 1.22 percent to close at 18,537.81 points.

The Hang Seng China Enterprises Index rose 1.61 percent to end at 6,560.67 points, and the Hang Seng Tech Index climbed 1.95 percent to close at 3,947.41 points.

The domestic property market saw an uptick as two major mainland cities, Hangzhou and Xi’an, announced the removal of all housing purchase restrictions today. Shares of property developer Shimao Group and Sunac China jumped by 33.33 percent and 10 percent respectively

Hong Kong’s three major stock indices resumed an upward trend on Thursday, with the Hang Seng Index increasing by 1.22 percent to 18,537 points and the Hang Seng Tech Index rising by 1.95 percent to 3,947 points.

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The domestic property market saw an uptick as two major mainland cities, Hangzhou and Xi’an, announced the removal of all housing purchase restrictions today. Shares of property developer Shimao Group and Sunac China jumped by 33.33 percent and 10 percent respectively.

Louis Wong, director of Phillip Securities (HK), stated that the likelihood of a decline below 18,000 points remains relatively low, based on the current market trend.

Meanwhile, the Shanghai Composite Index and the Shenzhen Component Index demonstrated consistent growth.

Zhang Yidong, global chief strategy analyst at Societe Generale Securities, stated that the Hong Kong stock market in 2024 is poised for a bull market. Based on fundamental and capital analysis, the market is expected to reach or exceed last year’s highs, Zhang said. The current HSI still has approximately 20 percent of the growth potential.

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A report by GF Securities indicates that the recent short-term rise in Hong Kong stocks was largely driven by an improvement in risk appetite. However, in the medium to long term, the improvement in the probability of profit will remain the primary driver of the long bull run of Hong Kong stocks.