Hong Kong: Stocks up for 3rd day
[HONG KONG] Hong Kong stocks rose for the third straight session on Thursday, drawing some support from Wall Street although demand was tempered by weakness in mainland shares after China's falling foreign exchange reserves deepened capital outflow concerns.
The benchmark Hang Seng index pared some early gains and added 0.3 per cent at the close, to 22,861.84 points, while the Hong Kong China Enterprises Index gained 0.7 per cent, to 9,896.82 points.
Wall Street surged overnight, with the Dow Industrials and S&P 500 both hitting fresh records, extending their gains since Republican Donald Trump's victory in the US presidential vote last month.
Still, the upside was limited by a softer close for mainland shares after China's foreign exchange reserves fell far more than expected in November to the lowest level in nearly six years.
The reserves data also seemed to have offset any enthusiasm from solid trade numbers for the world's second-biggest economy.
Most sectors in Hong Kong rose, with industrial and resource shares leading the gains.
Trade remained thin as investors were looking ahead to the outcome of a European Central Bank policy meeting later in the day.
There's speculation the ECB may widen the type of bonds it buys, while analysts also suspect it may start preparing investors for an eventual tapering of its stimulus.
REUTERS
KEYWORDS IN THIS ARTICLE
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
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data
Singapore shares open lower on Friday; STI down 0.1%
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard