Hong Kong, China stocks welcome new cross-border investment scheme

martes 26 de mayo de 2015 00:37 GYT
 

* CSI300 +1.5 pct; SSEC +1.6 pct; HSI 1.4 pct

* Hong Kong, China stocks cheer new cross-border investment scheme

* China's IT, defence stocks surge on signs of policy support

By Samuel Shen and Pete Sweeney

SHANGHAI, May 26 (Reuters) - Hong Kong stocks jumped on Tuesday, flirting with seven-year highs, on expectations of more investment flowing from the mainland following Beijing's moves to expedite cross-border investment.

They took cues from a buoyant China market, which continued to rise, led by a surge in tech stocks on signs of fresh policy support toward the sector.

Resuming trade following Monday's holiday, the Hang Seng index added 1.4 percent, to 28,391.63 points, while the Hong Kong China Enterprises Index jumped 3.0 percent, to 14,867.21, touching its highest level since Jan 2008.

In Shanghai, stocks sustained strong upward momentum after Monday's 3.4 percent jump. The Shanghai Composite Index gained 1.6 percent, to 4,892.73 points. The CSI300 index rose 1.5 percent, to 5,175.36 points, while the tech-heavy start-up board ChiNext surged more than 3 percent.

Both markets were apparently encouraged by a new cross-border investment scheme announced over the weekend that would allow funds domiciled in Hong Kong and China to be sold in each others' market starting July 1.   Continuación...