Hong Kong, Mainland Stocks Soar Ahead Of Xi Speech

Hong Kong stocks rallied more than 2 percent in the morning session Monday on growing hopes for a US stimulus package and speculation Xi Jinping could use a speech in Shenzhen on Wednesday to announce a further opening up of the mainland economy.

The Hang Seng Index climbed over 2.3 percent, to 24,608.

The benchmark Shanghai Composite Index gained 2.3 percent, to 3,346, while the Shenzhen Composite Index soared 2.6 percent to 2,273.

Shares of Shenzhen-based companies jumped, as investors cheered Beijing's support for the country's first special economic zone.

On Sunday, Xinhua reported that the central government will strengthen the role of Shenzhen as a special economic zone as the “core engine” in the greater bay area, adding it will push for closer ties between the city and Hong Kong.

In the region, Sydney, Seoul, Singapore, Jakarta and Wellington also enjoyed healthy gains. (AFP)

______________________________