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Markets

Hong Kong stocks end higher on global stimulus, recovery hopes

  • The sub-index of the Hang Seng tracking energy shares rose 1.8pc, the TECH index rose 1.5pc, the financial sector added 0.1pc and the property sector rose 0.4pc.
05 Aug 2020

HONG KONG: Hong Kong shares ended higher on Wednesday, tracking gains in Asia and mainland China, on hopes for more economic stimulus from global policymakers and a gradual recovery in the Chinese economy.

The Hang Seng index closed up 0.6pc at 25,102.54.

The Hang Seng China Enterprises index rose 0.5pc.

The sub-index of the Hang Seng tracking energy shares rose 1.8pc, the TECH index rose 1.5pc, the financial sector added 0.1pc and the property sector rose 0.4pc.

The Hong Kong market tracked gains in regional equities as investors turned their focus to stepped-up monetary and fiscal support globally, with sentiment also supported by firmer Chinese stocks, which rose for a fourth day.

Growth in China's services sector - accounting for 60pc of the economy - slowed in July from a decade high the previous month but remained in expansion territory.

A central bank adviser projected 2pc growth for 2020.

The trend for the Hang Seng Index is largely positive with global markets on the up, but risks from Sino-US tensions and corporate earnings will keep it around 25,000, CHIEF group's analysts said in a note.

Many companies listed with in the city are reporting earnings this month, with heavyweight ledner HSBC coming out with worse-than-expected numbers this week.

About 1.48 billion Hang Seng index shares were traded, lower than the previous trading session's 1.91 billion.

At close, China's A-shares were trading at a premium of 35.52pc over Hong Kong-listed H-shares.