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Aug 11, 2016

Asian Markets at Close Report, by MarketWatch on August 11, 2016: Asian Shares dip as Oil Prices Slump, But Hong Kong Pushes Higher

Kenan Machado

Chinese stocks trading in Hong Kong caught a bounce Thursday on media reports out of mainland China that the Shenzhen-Hong Kong exchange trading link will be started soon.
The Hang Seng China Enterprises Index HSCEI, +1.16%  , which focuses on large Chinese firms trading in Hong Kong, finished up 1.2%.
Shares elsewhere in Asia other were broadly lower Thursday as a rise in U.S. crude-oil inventory and expanding production in Saudi Arabia hit oil prices.
Australia’s S&P/ASX 200 XJO, -0.64%   ended 0.6% lower while Singapore’s Straits Times Index STI, -0.20%   was trading flat. South Korea’s Kospi SEU, +0.20%  was up 0.2%. Japanese markets NIK, -0.18%  were closed for a holiday. The Hang Seng Index HSI, +0.39%   finished 0.4% up.
Shares in Hong Kong Exchanges & Clearing Ltd. 0388, +2.92%  rose 2.9% on reports from mainland media that an official announcement from Beijing on the Shenzhen-Hong Kong Connect program, which would allow investors in each exchange to trade in designated securities on the other exchange, could be near.
The often-rumored link between the two markets would expand on a program that already connects the Shanghai and Hong Kong exchanges, and is expected to pump cash into Hong Kong stocks.
“It’s huge,” says Hao Hong, chief strategist and head of research at BOCOM International. “When they [first] ran the Shanghai Connect program, the market had a really good rally for four or five months.”