News Column

Hong Kong notches 3-yr. high

July 28, 2014

Hong Kong stocks rose for a fifth straight session on Monday, closing at highs not seen in more than three years.

The Nikkei 225 in Tokyo gained 71.53 points, or 0.5%, to 15,529.40, with the yen moving slightly lower against the greenback, trading at 101.855 from 101.835 in the previous session..

The Hang Seng Index in Hong Kong screamed higher 212.62 points, or 0.9%, to 24,428.63, after reports said the so-called "through train" scheme, which would allow direct stock trading between Hong Kong and Shanghai, could be launched in mid-October.

Hong Kong Exchanges & Clearing, the city's sole exchange operator, jumped 3.4%.

Chinese Internet giant Tencent Holdings also climbed 3.2%, after China's top banking regulator approved the establishment of three private banks, including WeBank, in which Tencent has a 30% stake.

Mainland banks posted solid gains, with Bank of Communications soaring 6.2%, China Minsheng Banking Corp. rising 3.6%, and Agricultural Bank of China adding 3%.

In other markets;

Markets in Singapore were shuttered for a holiday

The Shanghai CSI 300 index popped 63.44 points, or 2.8%, to 2,323.90

In Korea, the Kospi index picked up 14.96 points, or 0.7%, to 2,048.81

The Taiex Index in Taiwan slumped 19.11 points, or 0.2%, to 9,420.81

In New Zealand, the NZX 50 erased 7.13 points, or 0.1%, to 5,187.14

Australia's S&P/ASX 200 slid 6.12 points, or 0.1%, to 5,577.39

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Source: Baystreet Foreign Markets Wrap (Canada)

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