Hong Kong stocks close at 3-month high after Trump’s tax cut hint
Shanghai Composite closes at two month high after China’s January trade data beat market expectations
China’s shares closed at their highest level in two months, while Hong Kong stocks reached their highest closing level in more than three months on Friday.
The gains followed advances on Wall Street after a tax pledge from US President Donald Trump, as well as better-than-expected Chinese trade data for January.
The Hang Seng Index extended a three-day winning streak and closed up 0.21 per cent at 23,574.98, the best finish since late October.
The Hang Seng China Enterprises index, or the H-share index, also rose 0.50 per cent to close at 10,125.21.
Daily turnover reached HK$86 billion, slightly lower than Thursday’s HK$96 billion. But that was still significantly higher than the $57.2 billion average daily turnover in January. In 2016, the daily average turnover was HK$67 billion.
Among market movers in Hong Kong, index heavyweight HSBC touched an intraday high of HK$67.45, the highest level in more than three years. It closed at HK$67.05, up 1.28 per cent. The company is due to reveal its 2016 financial results on February 21.