Global Market News

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

Back

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.

http://www.mtnewswires.com
Copyright © 2020 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.




Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Earnings Calendar and Events Data provided by Wall Street Horizon. ©2020 Wall Street Horizon, Inc.