Hong Kong: Shares close up after yuan conversion limits scrapped
[SHANGHAI] Hong Kong shares rose on Wednesday, lifted by Chinese financials after the city's central bank scrapped the daily yuan conversion limit for local residents ahead of the launch of a landmark scheme linking Hong Kong's stock market with Shanghai's.
The move is effective on Monday, when the so-called stock connect scheme begins trading, giving global investors easier access to China's US$3.9 trillion stock market and mainland investors the opportunity to buy stocks in Hong Kong.
The Hang Seng index rose 129.9 points, or 0.6 per cent, to 23,938.18, while the Hong Kong China Enterprises Index gained 77.7 points, or 0.7 per cent, to 10,729.76.
Among the most actively traded stocks in Hong Kong were Bank Of China Ltd, up 1.05 per cent; Hybrid Kinetic, up 27.8 per cent and mainland electronics retailer Gome, down 6.6 per cent.
The total volume of shares traded in Hong Kong was 74.39 billion shares.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Brokerage Haitong removes long-term Hong Kong unit chief Lin, appoints new head
Asia: Stocks rise on earnings optimism as US data approaches
Singapore stocks climb at Wednesday’s open; STI up 0.4%
Stocks to watch: MPACT, CapitaLand Ascott Trust, Hotel Properties, OUE Reit, CLCT
Europe: Tech, retail stocks boost Stoxx 600 to one-week high
US: Stocks climb for second straight day