Hong Kong stocks rallied after China’s market regulator unveiled a series of market reforms aimed at enhancing the city’s status as a financial hub, with sentiment also getting a boost from the prospect of a bigger investor base following the changes.
The Hang Seng Index rose 1.8 per cent on Monday to close at 16,511.69. The Tech Index gained an identical 1.8 per cent, while the Shanghai Composite Index fell 0.7 per cent.
Among the most heavily traded stocks were Hong Kong Exchanges and Clearing, the stock exchange operator, which rose as much as 3.7 per cent but gave up some gains to end the day at HK$220, still up 2.5 per cent on the day. Topping the volumes list were gaming giant Tencent, which jumped 5.3 per cent to HK$320 and food delivery company Meituan which advanced 5.6 per cent to HK$100.60. E-commerce behemoth Alibaba was up 2.5 per cent at HK$68.35.
Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.
