Hong Kong stocks rise on Federal Reserve rate-cut hopes
Top Fed officials say the US central bank could respond to signs of economic weakness and lower rates as early as June
Beijing’s announcement to take proactive fiscal policies and loosen monetary policies also helped sentiment.
The Hang Seng Index closed 0.3 per cent higher at 21,980.74 after rising as much as 1.6 per cent. The benchmark’s 2.7 per cent gain this week was its best weekly performance since March 7. The Hang Seng Tech Index added 0.1 per cent. On the mainland, the CSI 300 Index strengthened 0.1 per cent, while the Shanghai Composite Index fell 0.1 per cent.
Search-engine giant Baidu jumped 3.9 per cent to HK$87.60, online gaming provider NetEase surged 2.1 per cent to HK$164.80 and WeChat operator Tencent Holdings gained 1.5 per cent to HK$478.20. Property developer Sun Hung Kai Properties rose 0.2 per cent to HK$72.35, while peer CK Asset Holdings climbed 0.8 per cent to HK$31.55.
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‘Fake news’: Chinese officials dismiss claims of US trade war consultations
Chow Tai Fook Jewellery Group lost 4.2 per cent to HK$9.23, while chipmaker Semiconductor Manufacturing International Corporation dropped 2.8 per cent to HK$45.05.