The Hang Seng Index rose 0.5 per cent to 20,635.92 at 10.30am local time. The Tech Index was little changed. The CSI 300 Index gained 0.1 per cent, while the Shanghai Composite Index advanced 0.2 per cent. Chinese stocks earlier fell, mirroring the 1.8 per ent overnight slump in the Nasdaq Golden Dragon Index in New York, in reaction to Trump’s election victory.
Hotpot chain Haidilao surged 7 per cent to HK$17,56 while brewer China Resources Beer advanced 6.3 per cent to HK$31.35. Sportswear maker Li Ning jumped 5.4 per cent to HK$17.58 and Macau casino operator Galaxy Entertainment added 4 per cent to HK$36.
Donald Trump beat Democrat Kamala Harris to become America’s 47th president and his second term in office. He had campaigned to impose as high as 60 per cent tariffs on Chinese goods. Analysts said he could further restrict US investments in Chinese industries to protect US manufacturing.
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Donald Trump secures enough Electoral College votes to win 2024 US presidential election
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“For China, the direct earnings impact from higher tariffs is likely to be limited, given more than 85 per cent of MSCI China’s primary revenue comes from mainland China,” said Tai Hui, Asia-Pacific chief market strategist at JPMorgan Asset Management. “Beijing’s fiscal and monetary policies could offer some offset.”