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Hong Kong: Shares open up 0.9% as HK-Shanghai scheme debuts
[HONG KONG] Hong Kong shares opened up 0.9 per cent on Monday as investors cheered the first day of trading of the landmark Shanghai-Hong Kong stock connect scheme.
The Hang Seng index opened higher following a stronger opening in the index futures, which rose 1 per cent. Ahead of the launch, Hong Kong's stock market has rallied nearly 14 per cent since it was announced in April.
The trading link will let international investors trade Shanghai-listed shares directly for the first time via the Hong Kong stock exchange, and mainland China investors to trade in Hong Kong shares via the Shanghai Stock Exchange.
It marks latest step towards opening China's tightly controlled capital markets.