Hang Seng rallies to end 2018

Business | 31 Dec 2018 12:38 pm

Stocks in Hong Kong rallied to close higher on the last trading session of the year after U.S. President Donald Trump said Saturday that big progress was made in talks with Chinese leader Xi Jinping.

Markets were closed for the afternoon trading session today and will remain closed all day on New Year's Day tomorrow.

The benchmark Hang Seng Index jumped 1.34 percent, or 341.5 points, at 25,845.7, losing 13.61 percent in 2018. Meanwhile, the China Enterprises Index, the H-share gauge, spiked 1.33 percent, or 132.53 points, at 10,124.75. Turnover on the main board amounted to HK$32.69 billion.

Blue-chip heavyweights Tencent Holdings (0700) and HSBC Holdings (0005) rose 1.29 and 1.65 percent respectively. Chinese property developer Country Garden Holdings (2007), the biggest blue-chip gainer, surged 6.36 percent, or 57 HK cents, to HK$9.53.

On January 29, the HSI reached record 33,484.08 points while Tencent hit an all-time high of HK$476.6.

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