Hong Kong and China shares wrap up trading week on a positive note, as investors cheer new foreign investment law
- Premier Li Keqiang signals more supportive measures for the mainland economy
- Hong Kong stocks close 0.6 per cent higher, while Shanghai Composite edges up 1 per cent
- Macau casinos advance as SJM Holdings and MGM China Holdings secure gaming license extensions
Hong Kong and China stocks wrapped up the final day of the trading week in positive territory, as investors cheered signals for more economic measures from Beijing and a new investment rule seen as helpful for facilitating a trade deal with the US.
The Hang Seng Index closed up 0.56 per cent, or 160.87 points at 29,012,26. Turnover for the main board was at HK$121.45 billion.
In the mainland, the CSI 300, which tracks blue-chip stocks listed in Shenzhen and Shanghai, rose by 46.52 points, or 1.26 per cent, to 3,745.01. The Shanghai Composite Index was up 1.04 per cent, or 31.6 points, at 3,021.75. Turnover for Shanghai was at 344.7 billion yuan (US$51.33 million).
In Shanghai, insurers led gains, as Ping An Insurance rose 1.44 per cent to close at 73.85 yuan and China Life Insurance rose 1.3 per cent at 28.75 yuan.
On Friday, National People’s Congress (NPC) lawmakers approved a draft of its new foreign investment law, sending the message that Beijing wants to level the playing field for overseas investors and reassure the global community it remains an attractive investment destination. The new law will come into effect January 2020.
The law was amended this week to make it clear that officials will be obliged to protect commercially confidential information they obtain from overseas businesses. The move comes amid attempts by Beijing to address key issues raised by US President Donald Trump as part of the US-China trade war negotiations that include forced technology transfer and market access.