Hong Kong stocks notch gains amid low turnover, Shanghai shares also end in positive territory
Hang Seng Index rises 0.6 per cent; Shanghai Composite Index edges up 0.4 per cent
Hong Kong and mainland Chinese stocks held steady in narrow trading on Thursday as most investors opted for the sidelines, awaiting further clarification on progress in the Stock Connect, and whether China shares will be added to a global index operated by compiler MSCI.
Analysts said investors are waiting to see whether the news of the Shenzhen Hong Kong Stock Connect plans – where investors on one exchange can also trade on the other – will materialise.
That’s also on top of whether the US Federal Reserve – the central bank to the world’s largest economy – will raise interest rates and also whether mainland Chinese shares will be included in the MSCI’s global emerging markets equity index.
The Hang Seng Index finished 0.5 per cent higher, adding 98.24 points to 20,859.22. The Hang Seng China Enterprises Index inched up 0.55 per cent, or 48.09 points, to 8,756.38.
The coal mining industry led the gains in the Hong Kong, jumping up 1.16 per cent.
Hong Kong Exchanges and Clearing shares climbed 1.35 per cent to HK$188.2 amid rumours that some brokerage houses have started testing their internal systems in preparation for the Stock Connect.
“There is some speculation that Beijing may announce the launch date for the link-up scheme before July 1,” Jun Yang Securities Chief Executive Kenny Tang Sing-hing said.