Hong Kong stock market finished higher for third session in row on Friday, 25 June 2021, as risk sentiments buoyed by tracking rally on Wall Street overnight that came after U. S. President Joe Biden announced a bipartisan deal on infrastructure spending.
The bipartisan deal is expected to move through Congress alongside a separate bill that would spend trillions more on what Biden called human infrastructure.
At closing bell, the benchmark Hang Seng Index advanced 1.4%, or 405.76 points, to 29,288.22. The Hang Seng China Enterprises Index added 1.88%, or 201.14 points, to 10,878.45.
The sub-index of the Hang Seng tracking the commerce & industry sector added 2.14%, the finance sector added 0.75%, and the properties sector added 0.18%, while utilities sector fell 0.2%.
The breakthrough in infrastructure spending talks overnight has lifted sentiments, with spending plans historically being a positive for the markets.
A recovery in the U. S. economy is a boon for the export-driven Asian region. Although the vaccine rollout in Asia has lagged behind most parts of U. S. and Europe, the region's economies are likely to benefit from an overseas recovery.
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