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Hong Kong stocks rebound after U.S. Fed's QE promise

Reuters | Hong Kong | Updated: 24-03-2020 15:10 IST | Created: 24-03-2020 14:10 IST
Hong Kong stocks rebound after U.S. Fed's QE promise
Representative Image Image Credit: Flickr

Hong Kong stocks rallied on Tuesday, following a broader Asia higher after the U.S. Federal Reserve rolled out a slew of support measures to ease a global cash crunch. ** At the close of trade, the Hang Seng index was up 967.36 points or 4.46% at 22,663.49. The Hang Seng China Enterprises index rose 4.94% to 9,184.44.

** The sub-index of the Hang Seng tracking energy shares rose 3.3%, while the IT sector rose 4.49%, the financial sector gained 3.92% and the property sector rose 3.98%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 5.06% and Japan's Nikkei index closed up 7.13%.

** The Fed said on Monday it would for the first time back purchases of corporate bonds, backstop direct loans to companies and expand its asset purchases by as much as needed to stabilize financial markets. ** Mainland China reported a doubling in new virus cases, driven by a jump in infected travelers returning home from overseas, raising the risk of transmissions in Chinese cities and provinces that have seen no new infections in recent days.

** China cannot afford to let its guard down when it comes to combating the coronavirus, with the country still at risk from sporadic infections as well as those from overseas, a health official said on Tuesday. ** The top gainer on the Hang Seng was WH Group Ltd , which gained 10.74%, while the biggest loser was Shenzhou International Group Holdings Ltd, which fell 0.48%.

** China's main Shanghai Composite index closed up 2.34% at 2,722.44 points, while the blue-chip CSI300 index ended up 2.69%. ** The yuan was quoted at 7.0715 per U.S. dollar at 08:24 GMT, 0.26% firmer than the previous close of 7.09.

** The top gainers among H-shares were Geely Automobile Holdings Ltd up 10.71%, followed by Fosun International Ltd, gaining 9.19% and China Telecom Corp Ltd, up by 8.57%. ** At close, China's A-shares were trading at a premium of 30.49% over Hong Kong-listed H-shares.


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