Hong Kong stocks end at four-month high after Biden win

Hong Kong stocks ended at a four-month high on Monday, tracking gains in other Asian markets as Democrat Joe Biden's victory in the U.S. presidential election raised hopes of a thaw in frosty Sino-American trade relations. ** The Hang Seng index rose 1.2% to 26,016.17, its highest closing level since July 9, while the China Enterprises Index gained 1.3% to 10,633.07 points.

Hong Kong stocks ended at a four-month high on Monday, tracking gains in other Asian markets as Democrat Joe Biden's victory in the U.S. presidential election raised hopes of a thaw in frosty Sino-American trade relations.

** The Hang Seng index rose 1.2% to 26,016.17, its highest closing level since July 9, while the China Enterprises Index gained 1.3% to 10,633.07 points. ** Biden won enough states on Saturday to clinch the U.S. presidency after a tighter-than-expected election, setting the stage for less combative relations with China, although the U.S. containment strategy is unlikely to change much.

** China's technology industry, one of President Donald Trump's main targets in Washington's tussles with Beijing, hopes Biden can create a more constructive relationship - but few think the rivalry will deescalate, executives and analysts say. ** The Hang Seng tech index advanced 3% to a record high, but gains were pared in the afternoon session.

** Chinese state media struck an optimistic tone about Biden's win on Monday, saying relations could be restored to a state of greater predictability, starting with trade. ** Aiding sentiment, Chinese trade data showed the country's exports grew at the fastest pace in 19 months in October.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.75%, while Japan's Nikkei index closed up 2.12%. ** The yuan was quoted at 6.5703 per U.S. dollar at 0825 GMT, 0.57% firmer than the previous close of 6.6079.

** At close, China's A-shares were trading at a premium of 43.72% over Hong Kong-listed H-shares.

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