Hong Kong shares rise on upbeat China factory data, vaccine hopes

** At the close of trade, the Hang Seng index was up 226.19 points, or 0.86%, at 26,567.68. The Hang Seng China Enterprises index rose 1.07% to 10,659.64. ** China's main Shanghai Composite index closed up 1.77% at 3,451.94 points, while the blue-chip CSI300 index ended up 2.15%.

Reuters | Updated: 01-12-2020 14:10 IST | Created: 01-12-2020 14:10 IST
Hong Kong shares rise on upbeat China factory data, vaccine hopes

Hong Kong shares rose on Tuesday after data showed rapid acceleration in factory activity in China, as the world's second-largest economy rebounded to pre-pandemic levels, and as investors continued to hope for a COVID-19 vaccine.

** China's factory sector activity grew at its fastest pace in a decade in November, a survey showed. ** Sentiment was also lifted after Moderna Inc said on Monday it had applied for U.S. emergency authorisation for its COVID-19 vaccine as full results from a late-stage study showed it was 94.1% effective with no serious safety concerns. ** At the close of trade, the Hang Seng index was up 226.19 points, or 0.86%, at 26,567.68. The Hang Seng China Enterprises index rose 1.07% to 10,659.64. ** The sub-index of the Hang Seng tracking the IT sector rose 0.72%, the financial sector ended 1.69% higher and the property sector rose 0.34%. ** Lagging property firms mirrored weak sector gains in mainland markets, after a private survey showed Chinese new home prices growth eased slightly in November, weighed by tighter market curbs in larger cities and increased demand weakness in smaller towns. ** China's chief banking regulator warned that the property market is the country's biggest "grey rhino" - a very obvious yet ignored threat - in terms of financial risks, given it is so deeply intertwined with the financial industry. ** China's main Shanghai Composite index closed up 1.77% at 3,451.94 points, while the blue-chip CSI300 index ended up 2.15%. ** Around the region, MSCI's Asia ex-Japan stock index was 2.1% weaker, while Japan's Nikkei index closed up 1.34%. ** The yuan was quoted at 6.5698 per U.S. dollar at 08:12 GMT, 0.14% firmer than the previous close of 6.5792.

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


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