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Hong Kong shares jump on hopes Britain will vote to stay in EU

Japanese shares

Hong Kong stocks jumped nearly 2 per cent on Monday to their biggest one-day gain in almost a month, as Asian markets rebounded on hopes Britain will decide to remain in the European Union.

The Hang Seng index rose 1.7 per cent, to 20,510.20, while the China Enterprises Index gained 1.8 per cent, to 8,639.51 points.

Brexit fears abated as three British opinion polls ahead of the EU membership referendum on June 23 showed the “Remain” camp recovering some momentum, although the overall picture remained one of an evenly split electorate.

Most Hong Kong sectors rose, with financials and energy shares leading the gains.

But Hong Kong-listed shares of Vanke lost nearly 3 per cent, after China’s biggest developer said it would acquire a unit of Shenzhen Metro Group for 45.6 billion Yuan (£4.72 billion) via a new share issue, making the state-owned subway operator its largest shareholder.

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Paul

The author Paul