Hong Kong stocks rise for second day as top Chinese official pledges policy support

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Vice-Premier He Lifeng outlines plans to boost listings, market access and yuan trading, while Trip.com’s strong earnings lifts sentiment

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Screens showing the Hang Seng Index and stock prices are seen outside Exchange Square in Hong Kong. Photo: Reuters

Zhang Shidongin Shanghai

Published: 10:34am, 19 Nov 2024Updated: 11:43am, 19 Nov 2024

Hong Kong stocks rose for a second day on optimism that China will ramp up support for the city’s financial market and entrench the position of the former British colony as a leading financial hub.

The Hang Seng Index climbed 0.3 per cent to 19,630.39 as of 11.28am local time, adding to a 0.8 per cent gain on Monday. The Hang Seng Tech Index advanced 0.8 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.5 per cent.

Chinese online travel agency Trip.com Group rallied after reporting quarterly earnings that beat estimates. Gold producer Zijin Mining Group advanced on a rebound in bullion prices.

China may add commodities to the connect programme that now allows overseas investors access to yuan-traded stocks, bonds and wealth-management products via Hong Kong, said Wu Qing, chairman of the China Securities Regulatory Commission at a financial summit on Tuesday. More options and futures will also be included in the cross-border investment scheme, he said.

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More than 300 guests have gathered in Hong Kong for the annual forum hosted by the Hong Kong Monetary Authority.