Hong Kong shares jump on policy support; China slips
Hong Kong stocks jumped on Monday, as investors found comfort in China securities regulator's decision to promote the city's status as a global financial centre, although Chinese shares slipped. China will facilitate Hong Kong listings by leading Chinese companies and expand the Stock Connect cross-border investment scheme, the China Securities Regulatory Commission (CSRC) said on Friday.
Hong Kong stocks jumped on Monday, as investors found comfort in China securities regulator's decision to promote the city's status as a global financial centre, although Chinese shares slipped.
China will facilitate Hong Kong listings by leading Chinese companies and expand the Stock Connect cross-border investment scheme, the China Securities Regulatory Commission (CSRC) said on Friday. The investment link between mainland China and Hong Kong will be broadened to include real estate investment trusts (REITs) and yuan-denominated stocks listed in Hong Kong. In addition, the bar will be lowered for exchange-traded funds (ETFs) under Stock Connect.
Meanwhile, Asian stocks recovered some losses on Monday and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets. Iran said on Friday that it had no plan to retaliate following an apparent Israeli drone attack within its borders, which in turn followed an unprecedented Iranian missile and drone attack on Israel days before.
** At the close of trade, the Hang Seng index was up 287.55 points or 1.77% at 16,511.69. The Hang Seng China Enterprises index rose 1.47% to 5,831.26. ** China's main Shanghai Composite index closed down 0.67% at 3,044.60 points, while the blue-chip CSI300 index ended down 0.3%.
** The sub-index of the Hang Seng tracking energy shares dipped 2.7%, while the IT sector rose 3.77%, the financial sector ended 1.64% higher and the property sector rose 1.56%. ** China's smaller Shenzhen index ended down 0.49% and the start-up board ChiNext Composite index was weaker by 0.315%.
** The top gainer on the Hang Seng was Sino Biopharmaceutical Ltd, which gained 8.55%, while the biggest loser was Li Auto Inc, which fell 8.33%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.83%, while Japan's Nikkei index closed up 1%.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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