Hong Kong Market climbs 1%

The Hong Kong stock market posted healthy gains on Friday, 08 May 2020, as risk sentiment improved on progressive trade talks between US and Chinese officials. Meanwhile, Beijing opening up its financial markets further to foreign investors also lifted sentiments. At closing bell, the benchmark Hang Seng Index advanced 1.04%, or 249.54 points, to 24,230.17. The Hang Seng China Enterprises Index added 1.07%, or 104.08 points, to 9,868.34.

The gains in Hong Kong share market were driven by reports that top US and Chinese trade representatives discussed their Phase 1 trade deal earlier in the day, with China saying it would work with Washington to improve the atmosphere for implementing the Phase 1 trade deal signed this year. The officials also agreed to "strengthen cooperation on macro economy and public health."

China finalized rules on Thursday that would scrap quotas under two major inbound investment schemes, giving qualified foreign institutions unlimited access to Chinese stocks and bonds.

The sub-index of the Hang Seng tracking energy shares rose 1.3%, the IT sector rose 2.7%, the financial sector ended 0.65% higher and the property sector rose 0.93%.

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