Business

Hang Seng Index clears 20,000 level as mainland buying props up sentiment

Hong Kong’s stock market will be closed from this afternoon up to Thursday for the Christmas holiday.

The Hang Seng Index gained 0.9 per cent to 20,070.01 as of 10.

06am local time, poised to close above the psychological threshold for the first time since December 12. The Hang Seng Tech Index advanced 0.9 per cent.

The city’s financial markets will be shut from this afternoon up to Thursday because of the Christmas holiday. On the mainland, the CSI 300 Index and the Shanghai Composite Index both advanced 0.6 per cent.

Shipping carrier Orient Overseas International jumped 4.6 per cent to HK$112.90 and BYD Electronic International advanced 3.

3 per cent to HK$40.70. Alibaba Group Holding gained 2.

7 per cent to HK$83.20. Chinese onshore investors bought HK$1.

36 billion (US$175 million) of Hong Kong stocks on Tuesday for a sixth consecutive day of net inflows, according to Bloomberg data. The Hang Seng Index is valued at 9.5 times estimated earnings, the second cheapest among key markets globally, the data shows.

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