Hong Kong stocks end at four-month high after Biden win

Shenzhou International group

09/11/2020 09:01

* HK->Shanghai Connect daily quota used 17.7%, Shanghai->HK
daily
quota used 4.2%
    * HSI +1.2%, HSCE +1.3%, CSI300 +2.0%
    * FTSE China A50 +1.6%

    Nov 9 (Reuters) - Hong Kong stocks ended at a four-month
high on Monday, tracking gains in other Asian markets as
Democrat Joe Biden's victory in the U.S. presidential election
raised hopes of a thaw in frosty Sino-American trade relations.
    ** The Hang Seng index  .HSI  rose 1.2% to 26,016.17, its
highest closing level since July 9, while the China Enterprises
Index  .HSCE  gained 1.3% to 10,633.07 points.    
    ** Biden won enough states on Saturday to clinch the U.S.
presidency after a tighter-than-expected election, setting the
stage for less combative relations with China, although the U.S.
containment strategy is unlikely to change much.  urn:newsml:reuters.com:*:nL1N2HV043
    ** China's technology industry, one of President Donald
Trump's main targets in Washington's tussles with Beijing, hopes
Biden can create a more constructive relationship - but few
think the rivalry will deescalate, executives and analysts say.
 urn:newsml:reuters.com:*:nL8N2HV0CT 
    ** The Hang Seng tech index  .HSTECH  advanced 3% to a
record high, but gains were pared in the afternoon session. 
    ** Chinese state media struck an optimistic tone about
Biden's win on Monday, saying relations could be restored to a
state of greater predictability, starting with trade.
 urn:newsml:reuters.com:*:nL1N2HU0OF 
    ** Aiding sentiment, Chinese trade data showed the country's
exports grew at the fastest pace in 19 months in October.
 urn:newsml:reuters.com:*:nL1N2HV00D  
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.75%, while Japan's Nikkei index
 .N225  closed up 2.12%.
    ** The yuan  CNY=CFXS  was quoted at 6.5703 per U.S. dollar
at 0825 GMT, 0.57% firmer than the previous close of 6.6079. 
    ** At close, China's A-shares were trading at a premium of
43.72% over Hong Kong-listed H-shares.

 (Reporting by the Shanghai Newsroom; Editing by Devika
Syamnath)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))