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Hong Kong stocks rebounded from an 11-month low to end slightly higher on Thursday, tracking firmer overseas markets with U.S. Treasury yields off a 16-year peak after the softer labour data.

Brokers said investors were awaiting data from China’s Golden Week holiday and economic growth, while concerns over the mainland property sector might cap the rise of the property segment.

Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index both ended up 0.1%.

Hang Seng Tech Index gained 0.1% while Hong Kong-listed mainland property firms climbed 0.2%.

Mainland markets are closed for the National Day holiday and will reopen on Oct. 9

Citigroup raised China’s 2023 economic growth forecast to 5% from 4.7%, citing stabilizing economic indicators and Beijing’s supportive policy measures of late.

“Policy makers have implemented further stimulus measures to shore up confidence and support the economy but they will take time to have an effect,” Hang Seng Bank wrote in a research note. It maintains its full year projection for mainland growth at 5.3%.

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.64% while Japan’s Nikkei index was up 1.80%.

Hong Kong S&P Global September Purchasing Manager’s Index(PMI) contracted to 49.6 in September from 49.8 in August, staying below 50 for the third straight month and signalling a continued deterioration in private sector conditions.

Shares of Sunac China jumped as much as 12.1% on a report that the property developer won Hong Kong court approval for an offshore debt restructuring plan.

China SCE Group fell as much as 5.6% to its record low after it joined a long list of Chinese property developers who have defaulted their offshore debt and begun a restructuring process.

Top gainer on the Hang Seng Index was Budweiser Brewing Company APAC, up 5.4%, while the biggest loser was Techtronic Industries, which was down 2.9%.

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