Hang Seng vaults on polls, trade concessions news

Business | 25 Nov 2019 4:09 pm

Stocks in Hong Kong rallied at the close on local council election news today where democratic forces overwhelmed pro-Beijing politicians, as well as trade concession offered by China.

The benchmark Hang Seng Index jumped by 1.50 percent, or 397.96 points at 26,993.04 at the close.

Hao Hong, head of research at Bocom International, told Bloomberg: "Longer term, there is still little clarity as to Hong Kong’s special status. Of course, markets want to rebound because this short-term uncertainty is out of the way. But fundamentally, not a lot has changed.''

At midday, the  benchmark was higher by 467.45 points at 27,062.53. At one point in the morning session, the HSI rallied by 507.39 points. The index opened at 26,873.35.

AIA Group (1299) added 3.56 percent at HK$80.05.

In mainland China, the Shanghai Stock Exchange Composite Index was at  2,906.17, up by 20.88 points, or 0.72 percent. The Shenzhen Stock Exchange Composite Index, dropped by 0.44 percent, or 7.06 points at 1,600.45.

Banny Lam, head of research at CEB International Investment Corp, said: "People are betting the Hong Kong government will do more to improve people’s well-being, including more supply of public housing, job creation, and economic stimulus, to help boost confidence in the government and stop violence.''

 

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