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Hong Kong stocks rally on first October trading day in sign of confidence in mainland firms

作者:admin 2020-10-06

Hong Kong stocks rally on first October trading day in sign of confidence in mainland firms

A pedestrian walks outside the Hong Kong Stock Exchange on Monday. Photo: VCG

The Hong Kong Hang Seng Index closed up 1.30 percent to 23,764.01 on Monday, its first trading day in October, led by bank and internet shares.

UK-based Standard Chartered saw its shares trading in the Hong Kong Special Administrative Region (HKSAR) rise 5.07 percent to HK$36.25 ($4.68) at the closing, while embattled HSBC also reported 4.36 percent rise to HK$31.10.

Thanks to an explosion of domestic consumption amid the eight-day Mid-Autumn Festival and National Day holiday, prices of technology and retail shares such as Tencent, Meituan Dianping and sports brand Li-Ning also edged higher.

Tencent rose 2.74 percent to HK$525.50, Meituan Dianping rose 1.99 percent to HK$246.60, and Li-Ning rose 7.78 percent to HK$38.80.

Amid US stock adjustments, rises on the Hang Seng Index reflect international investors' confidence in Chinese mainland companies, Dong Dengxin, director of the Finance and Securities Institute at Wuhan University of Science and Technology, told the Global Times on Monday.

Dong said that long-term prospects of the Chinese stock market look good. "The US stock market may see an earthquake-like plunge after the November presidential election, while the Hong Kong and mainland stock markets are expected to attract capital flowing in from the US," he said, noting that November would be a window for American shares to squeeze bubbles accumulated because of unlimited quantitative easing processes.

On Monday, Chinese chipmaker Semiconductor Manufacturing International Corp (SMIC) trading in the HKSAR closed plunging 5.08 percent, down to HK$17.20, reaching a new low since June this year. The company said in a statement on Sunday that the US' export restriction may create adverse impact on its business.

Global Times


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