Hong Kong stocks end higher on Christmas Eve amid hopes of an imminent Brexit deal, brush aside Alibaba slump
- Alibaba tumbled by as much as 9 per cent, erasing US$56 billion in market cap
- UK and EU are expected to announce a trade deal as early as Thursday
Hong Kong stocks closed higher on Christmas Eve, as optimism over a Brexit trade deal outweighed Beijing’s investigation into Alibaba Group Holding’s alleged monopolistic practices, which wiped out combined US$62 billion in market cap from the e-commerce giant and its two listed affiliates.
The Hang Seng Index added 0.2 per cent to 26,386.56 at the close of a truncated session on Thursday, paring this week’s decline to 0.4 per cent for a fourth consecutive weekly loss. The market will be closed on Friday for the Christmas holiday.
China’s Shanghai Composite Index slipped 0.6 per cent to 3,363.11. Markets on the mainland will be open on Friday.
Major markets in Asia-Pacific all rose, with South Korea’s Kospi index climbing 1.7 per cent for the biggest gain, as sentiment received a boost from news that the UK and the European Union are close to striking a deal as early as Thursday that will enable the island nation to pull out of the bloc. The agreement, which covers tariffs and quota-free trade, is expected after an outline was endorsed on Wednesday.