Hong Kong shares end up 0.5pc, China banks gain on liquidity move
Hong Kong shares crept higher in anaemic Tuesday trade, lifted by strength in the Chinese banking sector as the central bank’s first cash injection since February eased jitters about a repeat of last month’s cash crunch.
The Hang Seng Index ended up 0.5 per cent at 21,954 points after earlier testing chart resistance at about 22,034, a near-two month intra-day high set last Friday. The China Enterprises Index of the top Chinese listings in Hong Kong inched up 0.3 per cent.
Turnover in Hong Kong totalled HK$ billion (US$5.8 billion), nearing 2013 lows, as investors marked time ahead of the outcome of a U.S. Federal Reserve policy meeting and China’s official manufacturing managers’ index (PMI) early on Thursday and Friday’s U.S. jobs data.