Home > HK
Monday, May 8, 2017, 16:33

Hong Kong stocks end higher, aided by French election results

By Reuters

Hong Kong stocks ended higher on Monday as markets breathed a sigh of relief after pro-EU candidate Emmanuel Macron was elected French President, helping offset negative sentiment from continued weakness in mainland stock markets.

The Hang Seng index ended up 0.4 percent at 24,577.91, while the China Enterprises Index gained 0.6 percent to 9,982.42 points.

Most Asian markets rose on investor relief after centrist Emmanuel Macron comfortably won the French presidential election, beating his far-right rival Marine Le Pen.

"With Emmanuel Macron's widely expected victory now confirmed markets can relax about European politics for at least a few weeks," wrote Timothy Graf, strategist at State Street Global Markets.

"It is supportive short-term news for risky assets and the euro."

The upbeat mood after French election results helped shield Hong Kong from bearishness in China, where the benchmark stock index closed at near seven-month lows amid deepening fears over tighter regulations.

Most sectors rose, with consumer and energy firms among the biggest gainers.

Latest News