23 March 2019

HSI ends higher as HKEx leads way

Hong Kong’s benchmark Hang Seng Index (HSI) rose for a fourth trading session Thursday after reports that Hong Kong Exchanges and Clearing (HKEx) (00388.HK) is forging closer ties with the Shanghai Stock Exchange, potentially making investment in the mainland stock market easier for foreign investors.

The HSI gained 75 points, or 0.34 percent, to 22,523. The Hang Seng China Enterprises Index, the main gauge for H shares, fell 0.75 percent to finish at 10,022. The Shanghai Composite Index added 0.56 percent to close at 2,058 points.

HKEx jumped over 5.4 percent and suspended trading in the afternoon trading session, ending the day as its best performing blue chip.

Funds also piled into the domestic and mainland property sectors after announcement that the “HK land for HK people” policy proposed by Hong Kong Chief Executive Leung Chun-ying has been shelved.

China Resources Land (01109.HK) gained 4.6 percent, while other local developers including Cheung Kong (Holdings) (00001.HK), The Wharf (Holdings) (00004.HK), Sun Hung Kai Properties (00016.HK) and Hang Lung Properties (00101.HK) rose between 3.3 percent and 4.3 percent.

Meanwhile, mainland media reported that some municipal governments, including Hangzhou and Changsha, have applied to ease housing restrictions. The news cheered mainland developers and all made strong gains during the session. Hopson Development (00754.HK) closed 11.6 percent higher and Country Garden (02007.HK) rose 8.4 percent.

– Contact the writer at [email protected]


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