Hong Kong stocks were firm on Monday, bolstered by Chinese companies, as strength in the Chinese equity market helped investors shrug off the gloom in U.S. and European stocks in the wake of last week’s post-Fed rate hike rally.
The Hang Seng index rose 0.2 percent, to 21,791.68, while the China Enterprises Index gained 1.2 percent, to 9,746.99 points.
Energy and resources shares rebounded, despite lingering concerns about weak demand for oil and commodities due to global economic sluggishness.
Hong Kong Exchange and Clearing Ltd rose 1.1 percent.
Chairman Charles Li wrote on the exchange’s website over the weekend that having withstood recent volatility, the Hong Kong market is proving that it is “a mature, reliable and sophisticated market”.
Li said that the exchange plans to launch more trading instruments across different asset classes next year, with an increasing focus on attracting new investors from the mainland.
Source : Bloomberg