Hong Kong Market extends gains

Hong Kong share market advanced on Tuesday, 28 August 2018, on tracking firm cues from global markets as trade worries receded after the United States and Mexico announced a breakthrough deal to rewrite a North American trade pact. Around afternoon, the Hang Seng Index added 68.93 points or 0.24% to 28,340.20. The Hang Seng China Enterprises Index advanced 27.33 points or 0.25% to 11,076.46. The sub-index of the Hang Seng tracking the Commerce & Industry sector inclined 0.4% and the financial sector was 0.2% up, while Utilities sector fell 0.1% and properties sector shed 0.05%.

On Monday, the United States and Mexico announced that a deal had been agreed upon after months of negotiations between the two countries over the future of the North American Free Trade Agreement. US President Donald Trump and outgoing Mexican President Enrique Pena Nieto hailed the new trade agreement, which raises hopes the North American Free Trade Agreement can be salvaged after Canada rejoins the talks on Tuesday. The new deal includes provisions on auto trade, tougher worker protections, which President Donald Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress.

 

OFFSHORE MARKET NEWS, US stock market climbed to fresh all-time highs on Monday, as the Trump administration sealed a bilateral trade deal with Mexico. The Dow Jones Industrial Average jumped 259.29 points or 1% to 26,049.64, the Nasdaq advanced 71.92 points or 0.9% to 8,017.90 and the S&P 500 climbed 22.05 points or 0.8% to 2,896.74.

The major European stock markets ended higher on Monday. The German DAX Index jumped by 1.2% and the French CAC 40 Index climbed by 0.9%, while the U.K. markets were closed for a holiday.

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