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HK stocks claw back lost ground as further stimulus on the cards

"Harvey Faber" (2020-06-09)

May 25 (Reuters) - Hong Kong stocks reversed early losses to end higher on Monday, helped by gains in tech and consumer firms, in anticipation of further stimulus measures from Beijing to boost domestic consumption and seek tech self-sufficiency. ** At the close of trade, the Hang Seng index was up 22.10 points or 0.1% at 22,952.24. The Hang Seng China Enterprises index ended 0.42% firmer at 9,465.94. ** The top gainer on the Hang Seng was Hong Kong Exchanges and Clearing Ltd, which gained 6.18%, while the biggest loser was Hang Seng Bank Ltd, which ended 3.79% lower.

** Leading the gains, the Hang Seng IT index rose 1.7%, while the Hang Seng consumer staples index closed up 1.6%. ** Sectors related to domestic demand would benefit as China will boost domestic demand to ensure jobs this year amid the coronavirus outbreak, analysts at Sinolink Securities noted in report. ** In its yearly work report, Chinese government announced a range of fiscal measures to bolster the economy, equal to about 4.1% of China's GDP, according to Reuters calculations based on the fiscal stimulus announced.

** Recent policy documents further stressed China's tech innovation capabilities, indicating the country's emphasis on tech self-sufficiency amid the U.S. tech blockade, Dongguan Securities analysts said in a report. ** The United States said on Friday it would add 33 Chinese firms and institutions to an economic blacklist for helping Beijing spy on its minority Uighur population or because of ties to weapons of mass destruction and China's military.

** Investor focus was still on the mounting Sino-U.S. tensions and Beijing's push for a security law on Hong Kong. ** The United States should stop wasting time in its fight against the coronavirus and work with China to combat it, rather than spreading lies and attacking the country, the Chinese government's top diplomat Wang Yi said on Sunday. ** Hong Kong's security chief said "terrorism" was growing in the city, as government departments rallied on Monday behind Beijing's plans to introduce national security laws and after thousands took to the streets to protest against the move.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.59%, while Japan's Nikkei index closed up 1.73%. ** The yuan was quoted at 7.1397 per U.S. dollar at 0819 GMT, 0.12% weaker than the previous close of 7.131. ** At close, China's A-shares were trading at a premium of 26.84% over Hong Kong-listed H-shares. (Reporting by Luoyan Liu and Andrew Galbraith, Editing by Sherry Jacob-Phillips) Advertisement

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