Hong Kong, mainland stocks close higher ahead of US presidential election
The Hang Seng Index was up 0.47 per cent at 22,909, while the Hang Seng China Enterprises Index increased 0.54 per cent to 9,660
Hong Kong and mainland stock markets closed higher on Tuesday hours before the US presidential election, after US indices notched up their biggest gains in eight months.
The Hang Seng Index ended the day up 0.47 per cent or 108.07 points at 22,909.47, while the Hang Seng China Enterprises Index added 0.54 per cent or 51.61 points to 9,659.85.
While the Hang Seng has risen three days in a row, the recent gains are “expected to be short-lived”, according to Zhao Wenli, the chief strategist at China Merchants Securities (Hong Kong).
“There has been a lot of negative news coming out recently, hitting heavyweights including real estate developers and insurance companies,” Zhao said. “We can’t see many heavyweights shoring up the index in the near future.”
Property stocks were mixed after the sector plunged to a three-month low on Monday following the Hong Kong government’s decision to raise the stamp duty for non first-time real estate buyers to 15 per cent.
Sun Hung Kai Properties gained 1.64 per cent to HK$105.70 after plummeting 9.88 per cent on Monday. Wharf Holdings rebounded 1.52 per cent to HK$56.90 after falling 2.7 per cent the day before.