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Hong Kong shares end higher on hopes for U.S. stimulus, strong Q3 earnings

10/21/2020 | 04:39am

* HSI +0.8%, HSCE +0.9%

* China Telecom, China Unicom surge on expectation for better Q3 results

* Cathay rises on restructuring plan

BEIJING, Oct 21 (Reuters) - Hong Kong shares ended higher for a fourth consecutive session on Wednesday, as hopes for a new round of U.S. fiscal stimulus and strong third quarter results due to China's accelerated economic recovery boosted sentiment.

** At the close of trade, the Hang Seng index was up 184.88 points or 0.75% at 24,754.42. The Hang Seng China Enterprises index rose 0.9% to 10,077.78. ** The sub-index of the Hang Seng tracking energy shares rose 0.7%, while the IT sector rose 0.84%, the financial sector ended 0.46% higher and the property sector dipped 0.38%. ** The top gainers among H-shares were China Unicom Hong Kong Ltd up 11.11%, followed by China Telecom Corp Ltd . Both posted their best intraday gain since Aug. 13. ** Investors expected strong performance from the upcoming third quarter earnings from the two companies due to growing subscriber base especially with 5G package customers, said Reo Liao, an analyst with online trading platform ** Shares of Cathay Pacific Airways Ltd closed 2.27% higher after the carrier announced a restructuring plan involving job cuts and a decision to end Cathay Dragon brand due to the COVID-19 pandemic.

** The White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package on Tuesday as President Donald Trump said he was willing to accept a large aid bill. ** China's fiscal revenues grew 4.7% in the third quarter from a year earlier, the finance ministry said.

** China's main Shanghai Composite index closed down 0.09% at 3,325.02 points, while the blue-chip CSI300 index ended down 0.01%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.25%, while Japan's Nikkei index closed up 0.31%. ** The yuan was quoted at 6.6534 per U.S. dollar at 0808 GMT, 0.35% firmer than the previous close of 6.677. (Reporting by Zhang Yan in Beijing, and Andrew Galbraith in Shanghai; Editing by Rashmi Aich)

© Reuters 2020
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