Hong Kong shares jump on China policy hopes, global re-opening

Hong Kong shares ended higher on Tuesday, mirroring a broader rally across Asia, as investors welcomed the promise of more stimulus in China and the gradual re-opening of the global economy.

** At the close of trade, the Hang Seng index was up 432.42 points or 1.88% at 23,384.66. The Hang Seng China Enterprises index rose 1.37% to 9,595.2.

** The sub-index of the Hang Seng tracking energy shares rose 1.3%, while the IT sector rose 3.03%, the financial sector ended 1.44% higher and the property sector rose 2.82%.

** China will strengthen its economic policy and continue efforts to lower interest rates on loans, central bank Governor Yi Gang said in an interview, adding that China's economic fundamentals remain unchanged despite many uncertainties.

** Yi's comments helped investors to overlook simmering tensions between Washington and Beijing over trade, the coronavirus, and China's proposals for stricter security laws in Hong Kong.

** The top gainer on the Hang Seng was Henderson Land Development Co Ltd, which gained 4.82%, while the biggest loser was Hong Kong Exchanges and Clearing Ltd, which fell 0.95%.

** Shares of companies in the empire of Macau gambling king Stanley Ho surged following news of his death as investors looked to the potential for ownership changes.

** SJM Holdings finished 7.15% higher, passenger transport firm Shun Tak Holdings Ltd soared 21.88% to a more-than-two-month high and casino operator Melco International Development Ltd climbed 5.03%.

** China's main Shanghai Composite index closed up 1.01% at 2,846.55 points, while the blue-chip CSI300 index ended up 1.13%.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.75%, while Japan's Nikkei index closed up 2.55%.

** The yuan was quoted at 7.1378 per U.S. dollar at 08:13 GMT, 0.02% weaker than the previous close of 7.1361.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)