Hong Kong Stocks finish on a high

Headline equities of the Hong Kong share market closed on a high on Friday, 29 June 2018, thanks to positive lead from Wall Street overnight and Beijing easing of foreign investment limits. The benchmark index opened down 33 points to 28,463, which marked the intra-day low, then saw its gains widen, and rose as much as 464 points in afternoon trade to an intra-day high of 28,962. The Hang Seng Index was up 457.79 points or 1.61% to 28,955.11. The Hang Seng China Enterprises Index gained 204.55 points or 1.88% to 11,073. Turnover decreased to HK$115.3 billion from HK$117.3 billion on Thursday.

China unveiled on Thursday a long-anticipated easing of foreign investment curbs on sectors including banking, the automotive and heavy industries, and agriculture as Beijing it moved to fulfil its promise to open its markets further. In addition to confirming already announced pledges to remove ownership limits fully on Industries such as insurance and autos within the next three to five years, China will also ease or scrap ownership caps on business including ship and aircraft manufacturing, power grids and the breeding of crops, excluding wheat and corn.

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