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Monday, November 7, 2016, 21:19

HK stocks rebound

By Reuters

SHANGHAI - Hong Kong stocks joined a global rebound on Monday after the FBI cleared Democrat Hillary Clinton in an email investigation two days before the US presidential election.

But gains were capped by a 5 percent slump in property shares, after the city's government raised stamp duties on property transactions for the first time in three years to rein in soaring real estate prices.

The Hang Seng index ended up 0.7 percent at 22,801.40 points, bouncing from 2-1/2-month lows touched last week while the China Enterprises Index gained 1.2 percent to 9,608.24.

Clinton and Republican Donald Trump will spend the final day of a tight White House race on Monday racing across a handful of key battleground states that could swing Tuesday's election, which polls show is extremely close but tilting toward Clinton.

"The result will weigh on global markets no matter who win the election," said Zhang Yanbin, an analyst at Zheshang Securities, noting that the markets viewed Clinton as a candidate who would maintain the status quo while they are more uncertain over what a Trump victory would mean for US foreign policy, international trade deals and the domestic economy.

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