HK stocks closed sharply higher on Tuesday morning session following the announcement of mutual recognition of funds between Hong Kong and China last week. The benchmark index opened up 469 points and rose 531 points at one stage to hit 28,524, near the highest level in over seven years touched last month.
The Hang Seng Index ended up 398 points to 28,391. The H-share index also gained 433 points to 14,867. Half-day turnover increased to HK$111.4 billion from HK$75.59 billion on Friday.
By 11:31 a.m., the northbound quota balance of the "Shanghai-HK Connect" program was Rmb10.996 billion, accounting for 84.6% the daily allowed quota of Rmb13 billion. The southbound quota balance was Rmb8.879 billion, or 84.6% of the quota of RMB10.5 billion.
Market heavyweights were briefly higher. China Mobile (00941) rose 0.95% to HK$106.8, while HSBC (00005) nudged up 0.2%to HK$75.3.
HKEx (00388) benefited from the mutual funds recognition initiative. It shot up 5.38% to HK$309.4, making it the top blue-chip gainer.
Kingston Fin (01031) surged 21% to HK$3.15 after it issued a profit alert.
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