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Hong Kong and China shares up on market link | |
(about 2 hours later) | |
Shares in Hong Kong and China rallied on Monday on news of the approval of the Shanghai-Hong Kong Stock Connect, which will connect the Hong Kong and Shanghai stock exchanges. | |
Hong Kong's Hang Seng index closed up 0.83%, or 194.46 points, at 23,744.70. | |
In China, the benchmark Shanghai Composite index finished 2.3% higher at 2,473.67. | |
Also in China, data showed that annual price inflation in October was 1.6%, near a five-year low. | |
The figure was unchanged from September and was in line with market expectations. | |
Elsewhere in the region, South Korean shares rallied with the Kospi index up 0.9% at 1,958.23 on news of an impending free trade agreement with China, its largest trading partner. | |
Blue-chip exporters led the rally with Samsung Electronics up 5.1% and Hyundai Motor 2.8% higher. | |
Japan's Nikkei closed down 0.8% to 16,752.04 after hitting a one-week low. | Japan's Nikkei closed down 0.8% to 16,752.04 after hitting a one-week low. |
The benchmark's shares fell to as low as 16,713.37 on Monday - its weakest level since 31 October. | The benchmark's shares fell to as low as 16,713.37 on Monday - its weakest level since 31 October. |
The yen traded at 114.45 to the dollar, strengthening from the seven-year low of 115.60 yen it hit on Friday. | The yen traded at 114.45 to the dollar, strengthening from the seven-year low of 115.60 yen it hit on Friday. |
Shares of NTT tumbled by more than 6% to a two-week low after the telecommunication company cut its full-year operating profit outlook due to a weak mobile phone business. | Shares of NTT tumbled by more than 6% to a two-week low after the telecommunication company cut its full-year operating profit outlook due to a weak mobile phone business. |
Australian shares were lower on profit taking. The benchmark S&P/ASX 200 index closed down 0.5% at 5,524 points. | Australian shares were lower on profit taking. The benchmark S&P/ASX 200 index closed down 0.5% at 5,524 points. |