Hang Seng Ends 0.4% Higher Amid Upbeat Wall Street Sentiment
The Hang Seng rose 87 points, or 0.4%, to close at 19,664 on Tuesday (11/19), marking its second session of gains amid positive sentiment from Wall Street on Monday, with lower U.S. Treasury yields boosting the appeal of equities. Meanwhile, Chinese Vice President He Lifeng highlighted the increasing certainty in Hong Kong’s economic growth, as Beijing commits to strengthening the city’s competitiveness, especially in its financial industry to attract more foreign investment.
The gains were broad-based, led by the technology and consumer sectors. However, the gains were capped by caution ahead of the PBoC’s monthly review of its key lending rate. While the central bank is expected to keep its benchmark lending rate at a record low, some traders and analysts are uncertain whether the PBoC will cut the RRR further before the end of the year to help the ailing economy. Trip.Com jumped 5.7% on quarterly earnings that beat expectations. Significant gains were also seen in Smoore Hlds. (7.6%), BYD Electronic (6.7%), Sunny Optical Tech. (3.5%), and Semicon Manufacturing (3.0%).
Source: Trading Economics
