Hong Kong stocks rise to their highest level in two years, end Year of the Rat on a high
- The Hang Seng Index closes at 30,173.57, its highest level since June 15, 2018.
- China markets, which saw best returns in seven years in Year of the Rat, on break for Spring Festival holiday
Hong Kong stocks rose on Thursday to their highest level in more than two years to end the Year of the Rat with their best returns since 2017. The market was buoyed by a goodwill call between US President Joe Biden and his Chinese counterpart, Xi Jinping, on the eve of Lunar New Year.
The city’s market operated for half the day on Thursday and will now reopen on Tuesday next week. The markets in mainland China, however, are shut for five trading days, from February 11 to 17, for the Lunar New Year holiday.
“Presidents Xi Jinping and Joe Biden’s courtesy call this morning on New Year’s Eve has warmed up the relationship and atmosphere between the two countries. It’s a gesture that they’re willing to do business. It’s good for the Hong Kong markets today, and has given a cushion to technology stocks listed in the city,” said Louis Tse Ming-kwong, managing director of Wealthy Securities.