Hong Kong Stocks extend gains

The Hong Kong stock market finished higher for a third day on Wednesday, 18 November 2020, as risk sentiments bolstered by China's government's pledge to implement additional policy measures to prop up the coronavirus-ravaged broad economy.

China's Premier Li Keqiang said at a State Council meeting on Tuesday that the government would consider the next step of macro-policies to enhance the effectiveness and continuity of economic policies.

At closing bell, the benchmark Hang Seng Index added 0.49%, or 129.20 points, to 26,544.29. The Hang Seng China Enterprises Index grew 0.85%, or 89.85 points, to 10,640.05.

Geely Auto led gainers in Hong Kong, with a 6.9% to HK$22.55, as German car manufacturer Daimler announced on Tuesday that it will work with the Chinese automaker to build the next-generation combustion engines for hybrid vehicles. The tie-up came on the back of high-flying stock performance of Chinese new energy car makers this year as sales in the world's largest auto market improved.

 

WuXi Biologics slumped 2% to HK$78.85 after a one-into-three stock split pushed the shares to a record on Tuesday. China Mobile down 1.1% to HK$46.90, as Chinese telcos continue to lose favour with investors over Trump's latest executive order on November 12.

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