Hong Kong shares rise as U.S. Fed comments lift rate cut hopes


Reuters | Updated: 05-06-2019 14:52 IST | Created: 05-06-2019 14:06 IST
Hong Kong shares rise as U.S. Fed comments lift rate cut hopes
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Shares in Hong Kong ended higher on Wednesday as comments from the U.S. Federal Reserve raised investor hopes for an interest rate cut this year. ** At the close of trade, the Hang Seng index was up 133.92 points, or 0.5%, at 26,895.44. The Hang Seng China Enterprises index rose 0.04% to 10,345.05. ** The sub-index of the Hang Seng tracking energy shares dipped 1.4% as oil prices fell, while the IT sector rose 1.42%, the financial sector ended 0.71% higher and the property sector rose 0.65%. ** U.S. Federal Reserve Chairman Jerome Powell said on Tuesday the Fed would respond "as appropriate" to the risks posed by a global trade war and other recent developments, comments investors interpreted as a nod to easier policy. ** The top gainer on the Hang Seng was Techtronic Industries Co Ltd, which gained 3.92%, while the biggest loser was Sino Biopharmaceutical Ltd, which fell 8.40%. ** China's main Shanghai Composite index closed down 0.03% at 2,861.42 points, while the blue-chip CSI300 index ended down 0.04%. Healthcare firms weighed on the indexes after a notice on the website of China's Ministry of Finance said the country will carry quality checks on accounting information in the pharmaceuticals industry. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.44%, while Japan's Nikkei index closed up 1.8%. ** The yuan was quoted at 6.9101 per U.S. dollar at 08:24 GMT, 0.03% weaker than the previous close of 6.9083. ** The top gainers among H-shares were China Tower Corp Ltd, up 4.74%, followed by Great Wall Motor Co Ltd , gaining 3.37%, and China National Building Material Co Ltd, up by 2.9%. ** The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd, which was down 4.80%, Huaneng Power International Inc, which fell 1.8%, and CRRC Corp Ltd, down by 1.4%. 

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