News Column

Hong Kong logs seventh straight win

July 30, 2014

Hong Kong stocks ended higher for a seventh consecutive day on Wednesday, as sentiment continued to improve after reports said China would allow direct share trading between Shanghai and Hong Kong later this year.

The Nikkei 225 in Tokyo gained 28.16 points, or 0.2%, to 15,646.23. Meanwhile, the yen dropped against the U.S. dollar, trading at 102.218 from 102.095 in the previous day.

The Hang Seng Index in Hong Kong added another 91.68 points, or 0.4%, to 24,732.21, its best level since early November 2010. Earlier news reports said the so-called "through train" scheme, which would facilitate cross-border stock trading between Hong Kong and Shanghai markets, would be launched in mid-October.

Most local property developers advanced, as Hang Lung Properties jumped 3.4%, Sun Hung Kai Properties climbed 3.2%, Cheung Kong (Holdings) added 2.2%, and Henderson Land Development moved up 1.7%.

In other markets;

The Shanghai CSI 300 index slid 9.36 points, or 0.4%, to 2,322.03In Singapore, the Straits Times STI docked 2.43 points, or 0.1%, to 3,353.65

In Korea, the Kospi index picked up 20.64 points, or 1%, to 2,082.61

The Taiex Index in Taiwan recovered 55.14 points, or 0.6%, to 9,447.02

In New Zealand, the NZX 50 dropped seven points, or 0.1%, to 5,158.55

Australia's S&P/ASX 200 gained 34.45 points, or 0.6%, to 5,622.89

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Source: Baystreet Foreign Markets Wrap (Canada)

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