Hong Kong shares edge lower, Fed comments awaited

Hong Kong's Hang Seng index ended barely lower on Tuesday as regional investors trod cautiously ahead of comments from the U.S. Federal Reserve this week. At the close of trade, the Hang Seng index was down 11.29 points or 0.04% at 28,941.54.

Hong Kong's Hang Seng index ended barely lower on Tuesday as regional investors trod cautiously ahead of comments from the U.S. Federal Reserve this week.

At the close of trade, the Hang Seng index was down 11.29 points or 0.04% at 28,941.54. The Hang Seng China Enterprises index rose 0.02% to 10,983.46. The sub-index of the Hang Seng tracking energy shares dipped 0.4%, while the IT sector rose 0.37%, the financial sector ended 0.19% higher and the property sector dipped 0.27%.

Investors will be scrutinizing the Federal Reserve's comments on Wednesday at the close of its policy meeting for insight into its thinking on inflation, bond purchases, and risks to the financial system posed by soaring asset prices. The top gainer on the Hang Seng was Meituan, which gained 2.62%, while the biggest loser was WuXi Biologics (Cayman) Inc, which fell 6.01%. China's main Shanghai Composite index closed up 0.04% at 3,442.61 points, while the blue-chip CSI300 index ended up 0.26%. A rise in healthcare firms overcame a drag from industrials after data showed slowing profit growth. Profits at China's industrial firms grew sharply in March from a low base a year earlier, as demand for raw materials surged along with the economic recovery, but the pace of growth has slowed, official data showed on Tuesday. Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.04%, while Japan's Nikkei index closed down 0.46%.

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