Hong Kong stocks rally after pro-democracy groups score huge win
Hong Kong stocks climbed after pro-democracy candidates swept the board in district council elections, putting pressure on the city’s government to address issues that have fueled months of protests.
The Hang Seng Index rose 1.5%. The gain was led by developers and other stocks seen as most sensitive to the demonstrations, which have weighed on the city’s stocks.
Wharf Real Estate Investment and New World Development Co. were among the top performers on Monday, while MTR Corp., which operates the city’s underground railway, rallied 2.6%. The MSCI Hong Kong Index gained 1.8%.
Pro-democracy candidates took at least 278 seats of the 452 up for grabs, according to the South China Morning Post, about seven times more than the pro-government camp. Pro-democracy groups gained control of at least 12 of the 18 district councils after failing to win a majority in any of them four years ago, the report said.