Hong Kong Stocks gain on Biden infrastructure plan

Hong Kong stock market finished session higher on Thursday, 1 April 2021, as investor cheered President Joe Biden $2.3 trillion infrastructure pitch and the possible impact on growth and inflation.

At closing bell, the benchmark Hang Seng Index advanced 1.97%, or 560.39 points, to 28,938.74. The Hang Seng China Enterprises Index rose 2.24%, or 245.37 points, to 11,217.41. Hong Kong's market will be shut for three trading days from Friday to Tuesday for Easter and Chinese tomb-sweeping day.

Biden's American Jobs Plan will invest about US$1.3 trillion in projects from transport to cleaner water and high-speed broadband in an eight-year period. The plan will also fund US manufacturing industries and help the elderly and disabled.

The local market was also buoyed by a Hong Kong stock exchange proposal to attract more listings in the city. The bourse operator proposes an array of rules that will make it easier for smaller companies and US-listed firms to file for secondary listings.

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