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Hong Kong stocks hit near 3-wk closing high on recovery hopes

Reuters | Hong Kong | Updated: 03-06-2020 14:22 IST | Created: 03-06-2020 14:16 IST
Hong Kong stocks hit near 3-wk closing high on recovery hopes
Image Credit: Flickr

Hong Kong stocks tracked gains in other markets to end at a near three-week high on Wednesday, as hopes of more stimulus measures and a further easing in coronavirus-led curbs around the world offset caution over U.S.-China tensions.

At the close of trade, the Hang Seng index was up 329.68 points, or 1.37%, at 24,325.62, its highest since May 21. The Hang Seng China Enterprises index rose 0.92% to 9,967.53. The MSCI world equity index, which tracks shares in 49 countries, rose to its highest since March 6, having gained throughout the Asian session.

The sentiment was helped by a private survey pointing to a recovery in China's service sector in May. China's services sector returned to growth last month for the first time since January as the economy recovers from strict coronavirus-induced containment measures, although employment and overseas demand remained weak, a private survey showed.

Mainland investors continued to purchase shares in the Asian financial hub despite the Sino-U.S. tensions, with their net buying via the Stock Connect reaching about 2.2 billion yuan ($309.34 million) for the day. A survey of U.S. businesses on Wednesday revealed deep fears for the future of their operations in Hong Kong if China imposes national security legislation that critics say could curb the financial center's freedoms and fuel ongoing protests.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.7%, while Japan's Nikkei index closed up 1.29%. The yuan was quoted at 7.1109 per U.S. dollar at 08:27 GMT, 0.09% weaker than the previous close of 7.1045.


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