Market Open:Hong Kong stocks seen higher on infrastructure boost
News that China’s government plans to maintain high levels of investment in the rail sector may restore Hong Kong investors’ confidence in the Chinese economy.
News that China’s government plans to maintain high levels of investment in the rail sector may restore Hong Kong investors’ confidence in the Chinese economy.
According to 21st Century Business Herald, China plans to invest more than 500 billion yuan in railway construction next year, only slightly lower than this year’s investment. Chinese authorities have not reduced investment plans for the 12th five-year plan and has lifted investment volume in this sector several times this year, the paper said.
Overnight, the Standard & Poor's 500-stock index closed up 0.28 points, or 0.02 per cent, to close at 1,432.84. The Nasdaq Composite lost 2.37 points, or 0.08 per cent, to 3,049.42. In London, the FTSE-100 Index gained 53.04 points, or 0.92 per cent, to end at 5,829.75.
Hot Stocks of the Day:
The company said last night it plans to spin off its local serviced apartment portfolio. Together with affiliate sister company Hutchison Whampoa (0013.HK), the developer would hold less than 30 per cent of the new real estate investment trust following its flotation.