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

11/09/2020 | 04:01am EDT

* HK->Shanghai Connect daily quota used 17.7%, Shanghai->HK daily quota used 4.2%

* HSI +1.2%, HSCE +1.3%, CSI300 +2.0%

* FTSE China A50 +1.6%

Nov 9 (Reuters) - 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. (Reporting by the Shanghai Newsroom; Editing by Devika Syamnath)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) 0.06% 5.1829 Delayed Quote.1.22%
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED -5.75% 58.15 End-of-day quote.-18.56%
CK HUTCHISON HOLDINGS LIMITED -1.13% 56.8 End-of-day quote.4.99%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.02% 7.6678 Delayed Quote.-3.70%
FOSUN INTERNATIONAL LIMITED -1.53% 10.28 End-of-day quote.-15.60%
HANG SENG -1.32% 25935.58 Real-time Quote.-4.76%
MSCI AC ASIA EX JAPAN (STRD) -1.13% 820.58 Real-time Quote.-3.68%
NIKKEI 225 -1.80% 27283.59 Real-time Quote.-0.59%
SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 1.72% 171.6 End-of-day quote.12.89%
SHIMAO GROUP HOLDINGS LIMITED -3.77% 15.32 End-of-day quote.-37.98%
SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED -0.42% 235.2 End-of-day quote.38.60%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.452 Delayed Quote.-0.66%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.4609 Delayed Quote.-1.05%
WANT WANT CHINA HOLDINGS LIMITED -1.50% 5.24 End-of-day quote.-6.60%
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