Shenzhen link lifts Hong Kong's small caps to highest in a month

A banner promoting Shenzhen Hong Kong Stock Connect is displayed at the Hong Kong Exchanges in Hong Kong
A banner promoting Shenzhen Hong Kong Stock Connect is displayed at the Hong Kong Exchanges in Hong Kong
Author

29 November, 2016

Among the actives, Industrial and Commercial Bank of China spiked 1.93 percent, while Galaxy Entertainment advanced 1.35 percent, China Life skidded 1.32 percent, Li & Fung climbed 1.20 percent, Sands China jumped 1.18 percent, China Petroleum and Chemical (Sinopec) gathered 1.11 percent, CNOOC dipped 0.40 percent, Ping An picked up 0.23 percent, Lenovo Group added 0.21 percent, Bank of China eased 0.17 percent and HSBC fell 0.16 percent.

Japanese stocks traded weaker on Monday after seven straight sessions of gains, with Asian markets mixed, as the US dollar pulled back from decade highs.

The blue-chip CSI300 index rose 0.8 percent, to 3,564.04 points, while the Shanghai Composite Index gained 0.2 percent to 3,282.92 points.

Shenzhen Stock Exchange chairman Wu Lijun has been quoted in local media as saying the link will offer overseas investors exposure to "new-economy issuers offering a unique asset class of investment opportunities".

The China Securities Regulatory Commission and the Securities and Futures Commission of Hong Kong issued a joint announcement today (November 25), announcing their approval of the official launch of the Shenzhen-Hong Kong Stock Connect on December 5.

Other regional markets were also on the back foot before US gross domestic product data due later on Tuesday for clues on whether that might influence the Federal Reserve's meeting next month, where it's widely expected to raise interest rates. Hang Lung Properties slipped 1.38 per cent to HK$17.18, and Sun Hung Kai Properties lost 0.40 per cent to HK$100.50.

USA crude futures were down 0.89 percent at $45.65 a barrel, while Brent futures dropped 0.91 percent at $46.81. The measure has added 5.9 percent so far this month.

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Cement company Tongfang Konta shares were also halted, as the company prepares to announce a potential subscription of shares in a target company.

The Philippine Stock Exchange index, the 30-company benchmark, tumbled 64 points, or 0.9 percent, to close at 6,825.40 Monday.

The Nikkei 225 closed down 0.13 percent, or 24.33 points, at 18,356.89, having ended at an 11-month high Friday.

A total of 23.5 billion yuan in cross-border transactions will be allowed per day under the Shenzhen scheme, regulators said.

"Hong Kong stocks that are newly included in the Shenzhen link, like the small-cap stocks, may go up further", said Daniel So, a strategist at CMB International Securities Ltd in Hong Kong.

All three major United States indices closed down in what appeared to be the first pause after a three-week long rally sparked by Donald Trump's election win. South Korea's Kospi was up 0.02 per cent while in Sydney the All Ordinaries rose 0.07 per cent.


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