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  • Hong Kong: Market extends gains on US-China trade progress
  • October 14,2019  14:07
  • The Hong Kong stocks closed higher for third straight session on Monday, 14 October 2019, , on tracking gains on the Wall Street last Friday and other regional bourses today, thanks to signs of progress in Sino-U.S. trade negotiations that raised hopes for an end to the long trade war. At closing bell, the benchmark Hang Seng Index advanced 0.81%, or 213.41 points, to 26,521.85. The Hang Seng China Enterprises Index added 0.53%, or 55.27 points, to 10,507.85.

    Investor risk sentiment got a boost on prospect of a trade deal after U.S. President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike set to go into effect next week. China, meanwhile, said it would increase purchases of U.S. agricultural products. As part of this phase, China will purchase between $40 billion and $50 billion in U.S. agricultural products. Trump also said the deal includes agreements on foreign-exchange issues with China. In exchange, the U.S. agreed to hold off on tariff hikes that were set to take effect Tuesday.

    The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months to end the tit-for-tat tariff war, though Trump said it could take up to five weeks to get a pact written. Trump and Chinese President Xi Jinping are both scheduled to attend the summit of the Asia Pacific Economic Cooperation (APEC) countries in Chile next month. Trump hinted that a written agreement could be signed there.

    Shares of casino operators rose after the government of Macau submitted an application to kick off a stock exchange in the former Portuguese territory, raising optimism that the world's gambling hub would is taking a step forward in diversifying its economy. Sentiments were also improved from news that a proposal to set up an offshore yuan-denominated “Nasdaq” style exchange in Macau was submitted to Beijing for consideration last week, whereby its approval could be as imminent as mid-December. The yuan-based exchange is proposed as part of Macau's role in the Greater Bay Area, a scheme by the central government to create an economic and innovation hub incorporating the cities of Hong Kong, Macau, Guangzhou and eight others in Guangdong province. Galaxy Entertainment (27), one of the biggest casino concessionaires in Macau, rose 4.5%. Sands China (1928), a local unit owned by Las Vegas gambling mogul Sheldon Adelson, rose 3.4%. Wynn Macau (1128) was up 6%, while Melco International Development (200) was up 4.7% and SMJ Holdings (880) rose 4.5%.

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