Hong Kong shares rise the most in nearly 3 months as Fed reassures on rates

Hong Kong shares ended higher on Wednesday, the biggest daily jump in nearly three months, with strong gains in tech firms following comments from the Federal Reserve chief that the U.S. central bank will not hasten to hike rates. ** At the close of trade, the Hang Seng index was up 507.31 points, or 1.79%, at 28,817.07, rising the most in a day since April 1.

Hong Kong shares ended higher on Wednesday, the biggest daily jump in nearly three months, with strong gains in tech firms following comments from the Federal Reserve chief that the U.S. central bank will not hasten to hike rates.

** At the close of trade, the Hang Seng index was up 507.31 points, or 1.79%, at 28,817.07, rising the most in a day since April 1. The Hang Seng China Enterprises index rose 1.95% to 10,673.91. ** The sub-index of the Hang Seng tracking energy shares rose 1.1%, while the IT sector rose 2.62%, the financial sector ended 1.43% higher and the property sector rose 1.04%.

** China's main Shanghai Composite index closed up 0.25% at 3,566.22 points, while the blue-chip CSI300 index ended up 0.49%. ** Investor risk appetite increased after Fed chief Jerome Powell's reassurance of the goal of a broad labour market recovery, while he also said fear of inflation alone would not be enough to prompt rate hikes.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.79%, while Japan's Nikkei index closed down 0.03%. ** The yuan was quoted at 6.482 per U.S. dollar at 08:09, 0.02% weaker than the previous close of 6.481.

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