Hong Kong Market ends stronger

The Hong Kong stock market finished session mixed on Friday, 28 August 2020, as investors digested the U.S. Federal Reserve's new strategy to adopt an average inflation target and restore the United States to full employment, as well as a promising development in the fight to contain the coronavirus pandemic. Sentiment was also buoyed by Hong Kong's restaurants being allowed to stay open until 9pm beginning Friday, as positive signs have been seen on coronavirus control.

At closing bell, the benchmark Hang Seng Index added 0.56%, or 140.91 points, to 25,422.06. The Hang Seng China Enterprises Index dropped 0.19%, or 19.11 points, to 10,182.83. For the week, Hang Seng Index ended ahead 1.2%.

 

Chinese smartphone maker Xiaomi continued to soar on huge earnings and in anticipation of its being added to the Hang Seng Index on September 7. The benchmark is being reshuffled with three current stocks being dropped to make room for the addition of biotech and tech stocks at a challenging time of Covid 19.

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