Hong Kong stocks rise for second day as top Chinese official pledges policy support

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Vice-Premier He Lifeng outlines plans to boost listings, market access and yuan trading, while Trip.com’s strong earnings lifts sentiment

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Screens showing the Hang Seng Index and stock prices are seen outside Exchange Square in Hong Kong. Photo: Reuters

Zhang Shidongin Shanghai

Published: 10:34am, 19 Nov 2024Updated: 4:29pm, 19 Nov 2024

Hong Kong stocks rose for a second day on optimism that China will ramp up support for the city’s financial market and entrench the position of the former British colony as a leading financial hub.

The Hang Seng Index closed 0.4 per cent higher at 19,663.67, adding to a 0.8 per cent gain on Monday. The Hang Seng Tech Index advanced 1.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both strengthened 0.7 per cent.

Chinese online travel agency Trip.com Group rallied after reporting quarterly results that beat estimates. Gold producer Zijin Mining Group advanced after Goldman Sachs said that bullion prices would top US$3,000 an ounce next year. Smartphone maker Xiaomi slumped as investors booked profits after reporting upbeat earnings on Monday. The stock has risen more than 80 per cent this year.

China may add commodity trading to the connect programme that now allows overseas investors access to yuan-denominated stocks, bonds and wealth-management products via Hong Kong, Wu Qing, chairman of the China Securities Regulatory Commission, said at a financial summit on Tuesday. More options and futures will also be included in the cross-border investment scheme, he said.

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More than 300 guests have gathered in Hong Kong for the annual forum hosted by the Hong Kong Monetary Authority.

Earlier, Vice-Premier He Lifeng pledged more support for Hong Kong’s financial markets, saying in a keynote speech at the summit that China would help more Chinese companies to list in the city, improve mutual market access and issue treasury bonds.