Hong Kong Stocks end higher on US stimulus support

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.

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