China, Hong Kong shares jump after Trump and Xi's phone call

Published: November 02, 2018 12:15:50 | Updated: November 05, 2018 14:57:27


China stocks and Hong Kong stocks jumped on Friday on hopes of a wind-down in trade tensions after US President Donald Trump said he had a “very good” phone conversation with Xi Jinping.

Both the indexes jumped more than 2.0 per cent in early trade, reports Reuters.

On Thursday night, US President Donald Trump said he had a “very good” phone conversation with Xi while the Chinese state media reported that Xi wants stable relationship with the US.

At midday, the Shanghai Composite index was up 31.42 points or 1.21 per cent at 2,637.65 while the blue-chip CSI 300 index was up by 1.9 per cent.

CSI300’s financial sector sub-index was higher by 0.98 per cent and the consumer staples sector was up 3.19 per cent while the real estate index was down 0.85 per cent.

The healthcare sub-index was firmer by 3.43 per cent. The smaller Shenzhen index was up 2.08 per cent and the start-up board ChiNext Composite index was higher by 3.34 per cent.

In Hong Kong, the Hang Seng Index gained 2.40 per cent to touch 26,026.18 while the index for Chinese H-shares listed in Hong Kong climbed 2.28 per cent.

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