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Hong Kong shares rise as Biden-Xi call boosts sentiment




SHANGHAI, Sept. 10 (Reuters) – Hong Kong shares closed higher on Friday as news of a frank appeal between US President Joe Biden and his Chinese counterpart Xi Jinping boosted sentiment.

** The Hang Seng index rose 1.9% to 26,205.91, while the China Enterprises index gained 2.2% to 9,386.84 points.

** For the week, the Hang Seng Index and the China Enterprises Index ended up 1.2% and 1.0%, respectively.

** Biden and Xi spoke on the phone for the first time since February, and both discussed the need to avoid letting competition between the world’s two largest economies collide, a senior US official said .

** The official said the tone of their conversation was both familiar and outspoken, and Chinese state media described it as a broad, candid, in-depth and strategic conversation.

** There were a few small market moves after the call was announced, but it’s not a fundamental change, markets are still more concerned about Fed cuts and Chinese regulations, Gary said Ng, economist at Natixis in Hong Kong.

** The Hang Seng Tech Index rebounded 2.9% after falling the most in six weeks in the previous session as authorities summoned game companies to ensure they implement new rules for the sector.

** In the face of growing regulatory uncertainty in domestic games, we expect Chinese game companies to accelerate the expansion of the international market, which is supported by the government, and could be a long-term margin driver said Chelsey Tam, senior equity analyst at Morningstar. .

** Tech giants Meituan and Alibaba Group both jumped 4.3%, while Tencent Holdings added 2.1%.

** The Hang Seng Finance index and the Hang Seng Commerce & Industry index rose by 1.8% and 2.2% respectively. (Report by the Shanghai Newsroom; Editing by Shounak Dasgupta)




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