Most Asia markets up but dollar slips against peers

Officials on Friday's said the tie-up between the Hong Kong and Shenzhen markets will start on December 5.

Most Asia markets up but dollar slips against peers

World Bulletin / News Desk

Hong Kong led a gain in most Asian markets Monday after officials announced the start of a long-awaited link-up with Shenzhen, but the dollar retreated against most of its peers after its recent surge.

Crude prices also saw fresh losses, after both main contracts slumped around four percent on Friday owing to disagreements over plans to cut output, with Iran and Iraq pressing to be excluded and Russia suggesting it will only freeze output.

The scheme will give Hong Kong traders access to the mainland's second stock exchange, the world’s eighth largest with a market capitalisation of $3.3 trillion as of September. 

The tie-up follows a similar "stock connect" between Shanghai and Hong Kong launched two years ago, which gave foreigners new access to Chinese companies not quoted elsewhere, and enabled mainlanders to trade in Hong Kong.

The city's Hang Seng Index soared more than one percent in the afternoon, though Shenzhen slipped 0.1 percent by the close. Shanghai ended up 0.5 percent.

Most other regional stock markets were up, extending last week's gains on bets Donald Trump's spending plans will ramp up growth in the US economy.

Seoul rose 0.2 percent, Singapore added 0.8 percent and Wellington added 0.1 percent but Sydney dipped 0.8 percent.

Tokyo shed 0.1 percent after a seven-day winning run that took it to an 11-month high, with exporters hit by a slight recovery in the yen against the dollar.

Last Mod: 28 Kasım 2016, 11:20
Add Comment