WH group ltd ranked top on Hang Seng index

Hong Kong stocks inched higher on Tuesday ahead of a U.S. Federal Reserve meeting this week where it is widely expected to strike a dovish tone.

At the close of trade, the Hang Seng index was up 0.2 per cent at 29,466.28 points, while the Hang Seng China Enterprises index rose 0.1 per cent. The sub-index of the Hang Seng tracking energy shares gained 0.1 per cent, while the IT sector dipped 0.1 per cent, the financial sector ended flat and the property sector climbed 0.8 per cent. The Fed's Federal Open Market Committee (FOMC) is meeting on Tuesday Eastern Time and is expected to announce its latest interest rate decision a day later.

Global markets appear to expect the U.S. central bank to pause from hiking rates after Chairman Jerome Powell made a pledge to stick to a "patient" approach in monetary policy. The Chinese mainland stock market pulled back from its highest level in over six months in the previous session as investors took profit. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.1 percent, while Japan's Nikkei index closed down 0.1 percent.

The top gainer on the Hang Seng was WH Group Ltd, up 5.5 per cent, while the biggest loser was Hengan International Group Company Ltd, which fell 2.3 per cent. The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, which gained 3.3 per cent, followed by CGN Power Co Ltd, up 3.2 per cent, and Great Wall Motor Co Ltd, up by 2.6 per cent.

At the close, China's A-shares were trading at a premium of 22.80 per cent over the Hong Kong-listed H-shares. About 1.80 billion Hang Seng index shares were traded. The volume traded in the previous trading session was 1.95 billion. The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was lower by 0.19 per cent on the day at 4,668.6 points. (Reporting by Noah Sin; Editing by Subhranshu Sahu)