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Chinas BlueChip Index Hits Over 5Year High on Biden Win

SHANGHAI, Nov 9 Reuters China and Hong Kong shares jumped on Monday, with the bluechip index hitting a more than fiveyear high, as Joe Bidens victory in the U.S. presidential election raised hopes of a thaw in the frosty SinoAmerican trade relations.

The CSI300 index rose 2.2 to 4,990.84 at the end of the morning session, its highest since June 18, 2015, while the Shanghai Composite Index gained 1.9 to 3,375.05.

In Hong Kong, the Hang Seng index climbed 1.6 to 26,129.78, while the Hong Kong China Enterprises Index was up 1.7 at 10,675.21.

Democrat Bidens victory in the battleground state of Pennsylvania over the weekend put him over the threshold of 270 Electoral College votes he needed to clinch the presidency, ending days of nailbiting suspense.

Analysts and traders said the win would help the Ashare market, at least for the short term, on hopes of improved SinoU.S. trade ties, though the U.S. containment strategy is unlikely to change much.

The Biden victory is good for China stocks as it erases uncertainty, said Li Huiyong, vice general manager of Hwabao WP Fund Management Co. Some money is flowing back and investors will refocus on fundamentals.

Investors via the Stock Connect linking mainland and Hong Kong purchased 18.8 billion yuan 2.86 billion worth of China equities by midday, Refinitiv data showed.

Chinese state media struck an optimistic tone about Bidens win on Monday, saying relations could be restored to a state of greater predictability, starting…

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