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Author: Tan KW   |   Latest post: Tue, 11 Aug 2020, 11:21 AM


Hong Kong stocks end firmer, Fed jitters cap gains

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SHANGHAI: Hong Kong stocks closed higher on Tuesday, extending a rally from the previous session, aided by strong inflows from the mainland even as the protests subsided.
The Hang Seng index ended up 1.0% at 27,498.77 points, while the China Enterprises Index closed 0.8% firmer at 10,507.65 points.
Hong Kong leader Carrie Lam said on Tuesday said she had heard the people “loud and clear” and apologised again for recent upheaval after some of the most violent protests in the city against an extradition bill that she had promoted.
Mainland investors via the Stock Connect linking Shanghai, Shenzhen and Hong Kong bought about 3 billion yuan ($433.01 million) worth of Hong Kong shares on Tuesday, marking their 17th straight session of net buying via the scheme, according to Refinitiv data.
However, gains were capped by investor caution ahead of the U.S. Federal Reserve policy decision.
The Fed, facing fresh demands by U.S. President Donald Trump to cut interest rates, begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.56%, while Japan’s Nikkei index closed down 0.72%.
At 0814 GMT, the yuan was quoted at 6.9274 per U.S. dollar, 0.02% weaker than the previous close of 6.9258.
The largest percentage gainers in the main Shanghai Composite index were Jilin Expressway Co Ltd, up 10.07%, followed by Hangzhou Electronic Soul Network Technology Co Ltd, gaining 10.02% and Shenyang Jinbei Automotive Co Ltd, up by 10.02%.
The largest percentage losses in the Shanghai index were Guangdong Hotata Technology Group Co Ltd, down 9.76%, followed by Danhua Chemical Technology Co Ltd losing 9.46% and Yuancheng Environment Co Ltd down by 9.02%.
As of 0809 GMT, China’s A-shares were trading at a premium of 26.79% over the Hong Kong-listed H-shares. ($1 = 6.9282 Chinese yuan)
 - Reuters 
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