Hong Kong Market rises marginally from an eight-month high

The Hong Kong stock market finished session marginal higher on Monday, 23 November 2020, as investors continued to watch for coronavirus developments, with China linked stocks leading rally as the government issued a zero-tolerance warning to debt issuers following several recent defaults.

At closing bell, the benchmark Hang Seng Index added 0.13%, or 34.66 points, to 26,486.20. The Hang Seng China Enterprises Index grew 1.07%, or 113.18 points, to 10,666.53.

Hong Kong is tightening virus-control measures after 71 new cases were reported on Monday in addition to 68 on Sunday, the highest daily figure in about three months. The government delayed a travel-bubble plan with Singapore by two weeks and will hand out HK$5,000 (US$645) to each infected low-income resident to encourage testing.

New economy stocks paced gainers in Hong Kong. Xiaomi jumped 8 per cent to HK$27.60 as the Beijing-based smartphone maker prepares to report its quarterly earnings on Tuesday. Alibaba Group Holding added 4.3 per cent to HK$264. Lenovo Group rose 5.3 per cent to HK$5.77.

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