Extradition bill withdrawal makes Honk Kong shares rise up to a monthly high.
Hang Seng index saw the strongest close of the month with numbers rising nearly 4%.
Extradition bill withdrawal makes Honk Kong shares rise up to a monthly high.
Hang Seng index saw the strongest close of the month(26,523.23 points) with numbers rising up by nearly 4% as reported by Reuters.
The Hang Seng Index moved ahead the gains in MSCI’s index in APAC shares ex-Japan by 2.4%and rise of 0.9% were seen in Shanghai shares.
The highlights of the gainer’s list are as follows –
Cathay Pacific – 7%
Property Stocks – 7.4%
Financials sector sub-index – 3.8%
Alex Wang, director at Ample Finance Group said, “There are people covering their short positions and bargain hunting on local blue chips,”.Since investors are bullish on the fact that the bill would be withdrawn.
Hang Seng lost 7.4% back in August when Hong Kong was suffering greatly because of the bill protests and the Sino-US trade wars. It also affected the prices of Hong Kong’s expensive property market greatly.
The operation of the stock market “continues to be smooth and orderly,” said Paul Chan, Hong Kong’s financial secretary on Wednesday. Also, they are monitoring the trading volumes and shorting on a daily basis and nothing seems unusual.
The Hong Kong Dollar too was quoted higher than it’s pegged value against the US Dollars by 0.1%.
