Hong Kong stocks gain as material firms shine

  • 2/8/2021
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* HK->Shanghai Connect daily quota used 7.2%, Shanghai->HK daily quota used 12.1% * HSI +0.1%, HSCE +0.0%, CSI300 +1.5% * FTSE China A50 +1.0% Feb 8 (Reuters) - Hong Kong stocks eked out gains on Monday, underpinned by material firms, after China reported zero new local cases of the novel coronavirus and as mainland buying continued. ** The Hang Seng index gained 0.1% at 29,319.47, while the China Enterprises Index was unchanged at 11,560.01 points. ** China reported no new locally transmitted mainland COVID-19 case for the first time in nearly two months, official data showed on Monday, adding to signs that it has managed to stamp out the latest wave of the disease. ** Mainland investors continued to pour in, buying net of more than HK$12 billion worth of Hong Kong stocks on Monday via the Stock Connect, according to Refinitiv data. ** The southbound legs of the Stock Connect linking mainland and Hong Kong will halt from Feb. 9 through Feb. 17 during China’s Lunar New Year holiday, according to Shanghai and Shenzhen stock exchanges. ** Market participants looked past the country’s market regulator releasing new anti-monopoly guidelines on Sunday that targeted internet platforms. ** The Hang Seng tech index, which tracks many of China’s tech giants, managed to end 0.4% higher. ** Around the region, MSCI’s Asia ex-Japan stock index firmed 0.58%, while Japan’s Nikkei index closed up 2.12%. ** The yuan was quoted at 6.457 per U.S. dollar at 08:30 GMT, 0.15% higher than the previous close of 6.4664. ** At close, China’s A-shares were trading at a premium of 36.42% over Hong Kong-listed H-shares.

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