Hong Kong stock market finished higher on Monday, 08 February 2021, tracking gains in regional markets, after the U. S. House of Representatives gave final approval to a budget plan that included President Joe Biden's $1.9 trillion coronavirus relief package.
At closing bell, the benchmark Hang Seng Index inclined 0.2%, or 58.76 points, to 29,307.46. The Hang Seng China Enterprises Index added 0.37%, or 42.82 points, to 11,651.84.
The Hong Kong share market commenced trading with firm footing on tracking last week's gains on Wall Street after the U. S.
House of Representatives gave final approval to a budget plan that included President Joe Biden's $1.9 trillion coronavirus relief package. President Joe Biden and his Democratic allies in Congress forged ahead with their stimulus plan on Friday as lawmakers approved a budget outline that would allow them to fast track the stimulus package in coming weeks.
Further adding strength to market was comments by the U. S. Treasury Secretary Janet Yellen that the United States would hit full employment next year if Congress could pass its support package.
Rare earth related stocks ralliedon concerns political unrest in Myanmar will squeeze supply. MMG soared 9.2% to HK$3.56.
Power tools giant Techtronic Industries led gainers, rising 3.6% to HK$126.40 while Macau casino operator Galaxy Entertainment appreciated 2.8% to HK$68.60. Hong Kong Exchanges and Clearing added 0.3% to HK$518.50 on the back of its purchase of a 7% stake in Guangzhou Futures Exchange on Friday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU