Modest gain for Shanghai stocks but Hong Kong market loses ground
Investors on both sides of the border awaited release of the Federal Reserve's April minutes
Mainland stocks failed to keep pace with the previous day's 3 per cent surge on Wednesday, with the Shanghai benchmark settling for a modest gain while its Hong Kong counterpart lost ground.
Investors on both sides of the border were awaiting the release of the Federal Reserve's April minutes for clues on interest rate policies in the US.
The Hang Seng Index lost 0.39 per cent, or 108.49 points, to finish at 27,585.05, after investors were unsettled by a massive plunge in the shares of Hanergy Thin Film Power Group. However, the H-share index, a gauge of mainland companies listed in Hong Kong, gained 0.31 per cent to 14,235.90.
Turnover on the main board and Growth Enterprise Market edged higher to HK$140.2 billion, up from HK$138.6 billion on Tuesday.
The Shanghai Composite Index saw volatile trading, with bounces of more than 2 per cent for most of the day, before finishing up 0.65 per cent at 4,446.29.
The Shenzhen Composite Index and Shenzhen's ChiNext board rose 1.39 and 2.51 per cent, respectively. Shares worth almost 2 trillion yuan (HK$2.53 trillion) changed hands in the two cities, up from 1.4 trillion yuan on Tuesday.