Fed's recovery optimism lifts Hong Kong stocks higher

Hong Kong stocks ended higher on Thursday, as the new Federal Reserve policy statement marked a strong vote of confidence that the U.S. recovery is on track, while domestic tech shares climbed on report of more policy support from Beijing. ** At the close of trade, the Hang Seng index was up 121.75 points, or 0.43%, at 28,558.59.


Reuters | Updated: 17-06-2021 14:53 IST | Created: 17-06-2021 14:35 IST
Fed's recovery optimism lifts Hong Kong stocks higher
Image Credit: Pixabay
  • Country:
  • China

Hong Kong stocks ended higher on Thursday, as the new Federal Reserve policy statement marked a strong vote of confidence that the U.S. recovery is on track, while domestic tech shares climbed on report of more policy support from Beijing.

** At the close of trade, the Hang Seng index was up 121.75 points, or 0.43%, at 28,558.59. The Hang Seng China Enterprises index ended 0.25% higher. ** The sub-index of the Hang Seng tracking energy shares traded steady, while the IT sector rose 0.29%, the financial sector ended 0.09% lower and the property sector dipped 0.24%.

** The top gainer on the Hang Seng was BYD Co Ltd, which gained 8.25%, while the biggest loser was Haidilao International Holding Ltd, which fell 3.68%. ** The Fed on Wednesday began closing the door on its pandemic-driven monetary policy as officials projected an accelerated timetable for interest rate increases, opened talks on how to end crisis-era bond-buying, and said the 15-month-old health emergency was no longer a core constraint on U.S. commerce.

** "The outcome was in line with market expectations," brokerage firm Guodu Hong Kong noted in a report. ** The Hang Seng tech index closed 0.9% higher after Bloomberg News reported that China's economic czar has been tapped to spearhead the development of so-called third-generation chip production.

** China's top chipmaker Semiconductor International Manufacturing Corp ended 5.4% higher. ** China's main Shanghai Composite index closed 0.21% firmer at 3,525.60 points, while the blue-chip CSI300 index ended 0.42% stronger.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.49%. ** The yuan was quoted at 6.4288 per U.S. dollar at 0822, 0.5% weaker than the previous close of 6.3969.

** At close, China's A-shares were trading at a premium of 37.91% over Hong Kong-listed H-shares.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback