Russian bourse records US$11 million worth of trades in Alibaba, other Hong Kong-listed stocks in first trial month
- The St Petersburg Exchange saw 22,291 deals in the first month of trial since it unilaterally added 12 Hong Kong-listed stocks on June 20
- Bourse aims to boost the number of Hong Kong-listed stocks to 50 by early autumn, 200 by end of 2022
The volume, which equaled 0.14 per cent of the total trades generated on the exchange, was within expectations, according to Stanislav Martyushev, head of business intelligence at the bourse operator known as SPB.
“We expect that the trade turnover will increase” as more brokerages and stocks are added to the initiative later this year, according to Martyushev. To date, eight brokerages have provided their clients access to Hong Kong stocks, and around 10 more are expected to join, he added.
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Trading interest may have been aided by a stellar recovery in Chinese tech stocks in Hong Kong as valuations become more appealing after a rout in mid-March. The 30-member Hang Seng Tech Index has recovered 33 per cent since then, regaining US$330 billion of market value.