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Hong Kong shares close flat in cautious trade ahead of Fed meeting

Hong Kong shares closed flat on Wednesday as investors traded cautiously ahead of the U.S. Federal Reserve's policy meeting, where the central bank is expected to keep interest rates low to support the pandemic-stricken economy. ** At the close of trade, the Hang Seng index was down 7.13 points, or 0.03%, at 24,725.63.

Reuters | Hong Kong | Updated: 16-09-2020 14:41 IST | Created: 16-09-2020 14:12 IST
Hong Kong shares close flat in cautious trade ahead of Fed meeting
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Hong Kong shares closed flat on Wednesday as investors traded cautiously ahead of the U.S. Federal Reserve's policy meeting, where the central bank is expected to keep interest rates low to support the pandemic-stricken economy.

** At the close of trade, the Hang Seng index was down 7.13 points, or 0.03%, at 24,725.63. The Hang Seng China Enterprises index rose 0.17% to 9,845.79. ** The subindex of the Hang Seng tracking energy shares rose 0.4%, while the IT sector rose 1.36%. The financial sector ended 0.58% lower and the property sector rose 0.52%. ** The top gainer on the Hang Seng was China Resources Land Ltd , which jumped 3.09%, while the biggest loser was China Mengniu Dairy Co Ltd, down 2.14%. ** The Fed's statement is due at 1800 GMT on Wednesday, followed by a news conference from Chairman Jerome Powell. U.S. lawmakers remain at an impasse over a new stimulus package amid lingering concerns about the recovery of the world's largest economy from the COVID-19 pandemic.

** Separately, the World Trade Organization found on Tuesday that the United States had breached global trading rules by imposing multi-billion dollar tariffs in President Donald Trump's trade war with China, a ruling that drew anger from Washington. ** China's main Shanghai Composite index closed down 0.36% at 3,283.92 points, while the blue-chip CSI300 index ended down 0.66%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.65%, while Japan's Nikkei index closed up 0.09%. ** The yuan was quoted at 6.7611 per U.S. dollar at 08:14 GMT, 0.31% firmer than the previous close of 6.7818.


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