Hong Kong Stocks Gain As Xi Speech Calms Markets

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2018-04-10 HKT 10:19

Share this story


  • Xi Jinping soothed the market nerves by adopting a calm tone. Photo: AP

    Xi Jinping soothed the market nerves by adopting a calm tone. Photo: AP

Hong Kong stocks rallied more than 1 percent in the morning session on Tuesday as investors welcomed President Xi Jinping's promise to further open his country's economy, easing US trade war fears.

The Hang Seng Index jumped 1.1 percent, to 30,574 by the noon break.

On the mainland, the Shanghai Composite Index rose 0.5 percent, to 3,154, but the Shenzhen Composite Index was down 0.3 percent, at 1,826.

Most other Asian markets rallied after President Xi, In a much anticipated speech at the Boao Forum – dubbed the Asian Davos – pledged a "new phase of opening up", adding that Beijing "does not seek a trade surplus" and wants to boost imports.

"Xi's speech sends a positive signal to the market since he backs globalisation and the opening up of China market," Linus Yip, a strategist at First Shanghai Securities, told Bloomberg News.

"Investors were very worried about trade disputes, while his speech calms the nerves a lot. The concern about trade disputes in near-term are still here however, since what Xi pictures is a very long-term picture."

Tokyo added more than one percent by the break.

Sydney – where a number of firms are listed that rely on China trade – rose 0.8 percent, Singapore put on 0.2 percent and Seoul added 0.3 percent.

There were also healthy gains in Wellington, Taipei and Indonesia. (AFP)


Last updated: 2018-04-10 HKT 13:17


US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more