Hong Kong share market closed higher on Monday, 21 May 2018, as market sentiment improved by calming worries over a trade war between the world's two largest economic powers. A trade war between the United States and China had been put "on hold" after the pair agreed to drop their tariff threats while they worked on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. The latest statement on the China-U.S. trade suggests both parties are happy to avoid the dreaded tit-for-tat escalation while working towards a more market-friendly bilateral trade agreement. The Hang Seng index rose 0.6%, to 31,234.35, while the China Enterprises Index was unchanged at 12,349.61 points. The sub-index of the Hang Seng tracking energy shares dipped 0.4%, while the IT sector dropped 0.22%; the financial sector was 0.92% higher and the property sector rose 0.22%. Turnover increased to HK$95.9 billion from HK$93.6 billion on Friday. The local stock market closes tomorrow on a public holiday, and will resume trading on Wednesday.
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