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Nov. 10, 2014, 4:16 a.m. EST

Hong Kong stocks stage solid rebound on Stock Connect

Shanghai stocks rally, while Japan declines

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By Laura He, MarketWatch


Shutterstock/Mike Demidov

HONG KONG (MarketWatch) — Hong Kong stocks posted a solid rebound on Monday following five straight days of declines, after regulators announced that the long-awaited Hong Kong-Shanghai Stock Connect program would start Nov. 17, while China’s October consumer inflation came in line with market forecasts.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.47%  ended up 0.8% at 23,744.70, though off some from its intraday high of 24,110.24. The index had been declining for five straight sessions before Monday.

The Stock Connect program, which will allow individual investors outside of China to buy Shanghai-listed shares for the first time ever, had been expected to start late last month, but was delayed, with some blaming the wait on pro-democracy protests in Hong Kong.

On the same day, official data showed that China’s consumer-price index grew 1.6% in October from a year earlier, unchanged from the previous month, matching a median forecast by economists from a Wall Street Journal survey.

In Hong Kong markets, shares of Hong Kong Exchanges & Clearing Ltd. /zigman2/quotes/200234512/delayed HK:388 +0.70%   the city’s sole exchange operator, leapt 4.6%, while brokers rose significantly, with First Shanghai Investments Ltd. /zigman2/quotes/200726880/delayed HK:227 0.00%   leading the advance with a 7.8% surge. Shenyin Wanguo HK Ltd. /zigman2/quotes/208006958/delayed HK:218 +2.15%   spiked 4.3%, Guotai Jun’an International Holdings Ltd. /zigman2/quotes/203308570/delayed HK:1788 +2.80%   jumped 3%, China Galaxy Securities Co. /zigman2/quotes/206618523/delayed HK:6881 +3.81%   climbed 2.9%, and Haitong Securities Co. /zigman2/quotes/207313420/delayed HK:6837 +2.84%   added 2.5%.

Banks also headed higher, with China Minsheng Banking Corp. /zigman2/quotes/208095167/delayed HK:1988 +1.14%   advancing 4.1%, China Citic Bank Corp. /zigman2/quotes/205809997/delayed HK:998 +0.63%   improving by 1.4%, and Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 0.00%   higher by 1.2%.

Hong Kong-based Link Real Estate Investment Trust /zigman2/quotes/206625692/delayed HK:823 +0.54%  rose 2.6%, after Hang Seng Indexes Company said the stock would be added to the benchmark Hang Seng Index starting Dec. 8, while Cosco Pacific Ltd. /zigman2/quotes/201167312/delayed HK:1199 -1.91%  would be removed. Shares of Cosco Pacific fell 1.1%.

Over on the Chinese mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%   rallied 2.3% at the close, also benefiting from the announcement of the Stock Connect launch.

Meanwhile, in other Asian markets, Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.18%  declined 0.6%, with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0115%  strengthening to ¥114.05 from ¥114.60 in the previous session. The broader Topix index /zigman2/quotes/210598092/delayed JP:180460 +0.49%  dropped 0.3%.

Elsewhere, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.32%  shredded 0.5%, while South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.26%  advanced 1%.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,455.41
+114.56 +0.47%
Volume: 2.30M
Sept. 18, 2020 4:09p
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/zigman2/quotes/200234512/delayed
HK : Hong Kong
HK$ 372.60
+2.60 +0.70%
Volume: 3.42M
Sept. 18, 2020 4:09p
P/E Ratio
50.00
Dividend Yield
1.80%
Market Cap
HK$471.18 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200726880/delayed
HK : Hong Kong
HK$ 0.34
0.00 0.00%
Volume: 1.52M
Sept. 18, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$482.45 million
Rev. per Employee
HK$799,266
loading...
/zigman2/quotes/208006958/delayed
HK : Hong Kong
HK$ 0.95
+0.02 +2.15%
Volume: 2.04M
Sept. 18, 2020 4:09p
P/E Ratio
10.65
Dividend Yield
3.16%
Market Cap
HK$1.48 billion
Rev. per Employee
HK$1.58M
loading...
/zigman2/quotes/203308570/delayed
HK : Hong Kong
HK$ 1.10
+0.03 +2.80%
Volume: 9.53M
Sept. 18, 2020 4:09p
P/E Ratio
10.90
Dividend Yield
4.91%
Market Cap
HK$10.54 billion
Rev. per Employee
HK$7.03M
loading...
/zigman2/quotes/206618523/delayed
HK : Hong Kong
HK$ 4.36
+0.16 +3.81%
Volume: 24.00M
Sept. 18, 2020 4:09p
P/E Ratio
6.45
Dividend Yield
4.02%
Market Cap
HK$111.15 billion
Rev. per Employee
HK$1.14M
loading...
/zigman2/quotes/207313420/delayed
HK : Hong Kong
HK$ 6.89
+0.19 +2.84%
Volume: 21.64M
Sept. 18, 2020 4:09p
P/E Ratio
7.55
Dividend Yield
0.00%
Market Cap
HK$185.24 billion
Rev. per Employee
HK$3.20M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 4.44
+0.05 +1.14%
Volume: 35.09M
Sept. 18, 2020 4:09p
P/E Ratio
3.46
Dividend Yield
9.12%
Market Cap
HK$260.59 billion
Rev. per Employee
HK$6.25M
loading...
/zigman2/quotes/205809997/delayed
HK : Hong Kong
HK$ 3.17
+0.02 +0.63%
Volume: 43.27M
Sept. 18, 2020 4:09p
P/E Ratio
3.49
Dividend Yield
8.24%
Market Cap
HK$249.44 billion
Rev. per Employee
HK$6.26M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 3.90
0.00 0.00%
Volume: 31.37M
Sept. 18, 2020 4:09p
P/E Ratio
3.68
Dividend Yield
8.85%
Market Cap
HK$347.18 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/206625692/delayed
HK : Hong Kong
HK$ 65.15
+0.35 +0.54%
Volume: 12.98M
Sept. 18, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
4.41%
Market Cap
HK$134.76 billion
Rev. per Employee
HK$11.26M
loading...
/zigman2/quotes/201167312/delayed
HK : Hong Kong
HK$ 4.11
-0.08 -1.91%
Volume: 6.13M
Sept. 18, 2020 4:09p
P/E Ratio
5.15
Dividend Yield
7.71%
Market Cap
HK$13.34 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,338.09
+67.65 +2.07%
Volume: 25.63B
Sept. 18, 2020 3:01p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,360.30
+40.93 +0.18%
Volume: 0.00
Sept. 18, 2020 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.5600
-0.0120 -0.0115%
Volume: 0.0000
Sept. 18, 2020 4:59p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,646.42
+8.02 +0.49%
Volume: 0.00
Sept. 18, 2020 3:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,864.50
-18.70 -0.32%
Volume: 1.51M
Sept. 18, 2020 5:05p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,412.40
+6.23 +0.26%
Volume: 756,516
Sept. 18, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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