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Nikkei Markets

Hong Kong's Hang Seng Index tops 27,000 after US stocks set highs

HSBC climbs after report on restructuring, including senior management job cuts

HONG KONG (Nikkei Markets) -- Hong Kong shares looked set to stretch their rally on Thursday, sending the Hang Seng Index above the 27,000-point-level for the first time in a week, as record highs for stocks on Wall Street and speculation of support from mainland investors helped buoy sentiment.

The Hang Seng Index advanced 2% to 27,312.45 by noon, heading for its highest close since Dec. 24. HSBC Holdings added 1.6%. The London-headquartered lender is set to unveil a plan to cut some senior international management jobs and reduce its presence in some smaller markets, Reuters reported, citing people with knowledge of the matter. Separately, Reuters cited a staff memo as saying the bank plans to ban all staff travel to Hong Kong until March 2 due to the coronavirus outbreak.

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