SHANGHAI Hong Kong’s benchmark index gave up early gains and ended the morning lower, tracking weaker global markets
The Hang Seng index dropped 0.2 per cent to 23,847.39 points, while the Hong Kong China Enterprises Index gained 0.2 per cent to 11,527.75.
The number of new stock accounts opened last week in China reached the highest level in five years, while in February, 20 new accounts were opened under the Qualified Foreign Institutional Investor (QFII) scheme, a sign of growing interest by foreign investors, state media reported on Wednesday.
In addition, the head of China’s Ministry of Human Resources and Social Security told a press conference in Beijing on Tuesday that China’s pension fund, which currently can only be invested in treasuries and bank deposits, may be allowed to invest in riskier assets, including stocks.
The CSI300 index rose 0.3 per cent to 3,532.13 points at the end of the morning session, while the Shanghai Composite Index gained 0.3 per cent to 3,295.90 points.
Hong Kong’s main indexes, which has a sizable weighting of mainland companies, are being dragged in two directions, impacted by both international money flows and China’s economic prospects, said Wang Linfeng, analyst at Guoyuan Securities.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 126.37, meaning that mainland shares are 26 per cent more expensive than their Hong Kong peers.
