Hong Kong shares soared to levels not seen in more than seven years Wednesday as a record level of funds flowed into the city’s stock market via the trading link opened with Shanghai last year.
In Japan, the Nikkei 225 index hiked 149.27 points, or 0.8%, to 19,789.81
The market awaits the Bank of Japan’s announcement on policy, although few expect concrete easing steps so soon after the central bank’s last big easing move on Oct. 31.
In Hong Kong, the Hang Seng index returned from holiday to balloon 961.22 points, or 3.8%, to 26,236.86, its highest level since December 2007. A record HK$250 billion ($32.25 billion U.S.) worth of stocks changed hands on the main board.
The staggering gains came after Chinese regulators relaxed rules for mainland buying of Hong Kong stocks and triggered a surge of buying that for the first time hit a daily limit set for the five-month old trading link.
Shares of the Hong Kong stock exchange operator Hong Kong Exchanges and Clearing Ltd. climbed 12% to HK$220.00. Shares are up 28% so far this year.
Macau gaming shares, which aren’t listed on the mainland, were also sharply higher Wednesday. Sands China Ltd. climbed 6.5% to HK$34.60. Galaxy Entertainment Group Ltd. jumped 7.5% to HK$38.65.
In other markets
The Shanghai CSI 300 increased 35.76 points, or 0.8%, to 4,295.80
In Singapore, the Straits Times Index doffed 4.94 points, or 0.1%, to 3,460.68
The Kospi index in Korea gained 12.23 points, or 0.6%, to 2,059.26
In Taiwan, the Taiex index shed 69.93 points, or 0.7% to 9,571.97
In New Zealand, the NZX 50 4.28 points, or 0.1%, to 5,859.72
In Australia, the S&P/ASX 200 added 34.76 points, or 0.6%, to 5,960.73
