BUSINESS China shares rally amid border opening-up commitment, close race in US presidential election

BUSINESS

China shares rally amid border opening-up commitment, close race in US presidential election

Global Times

12:35, November 05, 2020

Photo: VCG

China's A-share market opens higher on Thursday amid a tough race in the US presidential election, with all three major indexes tensing upward.

As of the close in morning session, benchmark Shanghai Composite Index was up 0.88 percent, Shenzhen Index up 1.17 percent and tech-heavy ChiNext index up 0.51 percent.

The Hong Kong market also opened high, with Hong Kong Hang Seng Index rising 2.5 percent, led by tech shares. Among them, Tencent rose more than 5 percent, Alibaba rose nearly 4 percent; Meituan and JD both hit record highs in intraday trading.

Market analysts said the rally in the China market was also due to China's commitment of opening-up further and becoming a greater market shared by the world amid the COVID-19 pandemic that has crippled the global economy.

The trend is in line with the momentum in the US stock market on Wednesday, when US stocks closed sharply higher after Joe Biden gained swing-state votes.

The broad S&P 500 index gained 2.2 percent to 3,443.44, its biggest one-day point and percentage increase since June. The Dow Jones Industrial Average rose 1.3 percent to 27,847.66. And the tech-heavy Nasdaq Composite jumped even higher, gaining 430.21 points, or 3.9 percent, to 11,590.78, its best day since April.

All three indexes pulled back from highs set earlier in the session.

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