Hong Kong Stocks surge for fifth straight gain

The Hong Kong stock market finished higher for fifth straight session on Friday, 05 June 2020, as investor sentiment improved amid excitement over the coming two blockbuster secondary listings of JD.com and NetEase and central bank support globally. The Hang Seng Index closed 1.7% higher at 24,770.41 on Friday, ending the week with a 7.9% gain.

The Hong Kong Monetary Authority stepped in to keep the local currency below 7.7500 amid an influx of hot money ahead of several blockbuster initial public offerings in the city.

Hong Kong's central bank sold HK$977 million after the local currency hit the strong end of its trading band for the first time since late May. In rare statements concerning Hong Kong, China's central bank and banking regulator expressed support yesterday for the city's financial stability as Beijing moved to impose a national security law there.

 

Hong Kong and China Gas, the city's dominant piped gas supplier, closed 2.1% higher. The company expects gas sales growth to return to double-digit%age next year.

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