Global Market News

Hong Kong Hang Seng Up 3.8%, Shanghai Gains 2.2% on Fiscal Stimulus Outlook


Last updated: 03/25/2020 06:36:29

06:36 AM EDT, 03/25/2020 (MT Newswires) -- The Hong Kong Hang Seng index opened higher Wednesday and held its ground, finishing up 3.8% following news that the Trump Administration has agreed on a $2 fiscal-stimulus plan with the US Congress. The news temporarily outweighed the continued progression of the COVID-19 pandemic, which has now infected 434,048 globally and left 18,947 dead. In rare good news, new COVID-19 infections remain at a near standstill in China.

The broad gauge Hang Seng rose 863.70 to 23,527.13, as gaining issues outnumbered losers 49 to one.

Leading the upside on a down day were pork-purveyor WH Group (288:HK), up 11.2%, followed by knitwear-maker Shenzhou International (2313:HK), up 10.7%, and then toolmaker Techtronic (669:HK), up 9.6%.

On the downside were telecom service China Mobile (941:HK), off 0.9%, and gaining less than the rest was China Construction Bank, (939:HK), up 1.0%.

On the mainland, the Shanghai Composite rose 2.2% to 2,781.59.

In economic news, about one-quarter the 119 US companies surveyed by the US Chamber of Commerce in China said they expect operations to return to normal levels by the end of April.
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