Tencent up 1%, Alibaba up 2%: Hong Kong Stocks Jump After US Fed's Dovish Signals

South China Morning Post03-21

Hong Kong stocks advanced after the US Federal Reserve reaffirmed its dovish outlook while keeping its key rate unchanged overnight. Tencent jumped after it unveiled plans to at least double the size ...

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Tencent jumped after it unveiled plans to at least double the size ...</p>\n\n<a href=\"https://www.scmp.com/business/markets/article/3256158/hong-kong-stocks-jump-after-us-federal-reserves-dovish-signals-tencent-gains-after-doubling-share\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HSTECH","symbol_name":"恒生科技指数","start_time":0,"source_url":"https://www.scmp.com/business/markets/article/3256158/hong-kong-stocks-jump-after-us-federal-reserves-dovish-signals-tencent-gains-after-doubling-share","article_id":"1101613678","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1101613678","pubTimestamp":1710989932,"sourceInfo":{"source_id":"lsy1600132093512","name":"South China Morning Post"},"weMediaInfo":null,"summary":"Hong Kong stocks advanced after the US Federal Reserve reaffirmed its dovish outlook while keeping its key rate unchanged overnight. Tencent jumped after it unveiled plans to at least double the size ","collect":0,"end_time":0,"defaultTopTitle":"scmp.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HSTECH":"恒生科技指数","HSCEI":"国企指数","HSI":"恒生指数"},"translate_title":"腾讯控股上涨1%，阿里巴巴-SW上涨2%：美国联邦储备银行发出鸽派信号后，港股上涨","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HSCEI":1.1,"HSI":1.1,"HSTECH":1.1},"content_text":"Hong Kong stocks advanced after the US Federal Reserve reaffirmed its dovish outlook while keeping its key rate unchanged overnight. Tencent jumped after it unveiled plans to at least double the size of its share repurchases and the city’s property developers rallied on the prospects of lower funding costs in the year ahead.The Hang Seng Index jumped 2 per cent to 16,868.03 as of 10.54am local time, its sharpest rally in a week. The Tech Index gained 1.3 per cent, while the Shanghai Composite Index fell 0.2 per cent.Tencent advanced 1.5 per cent to HK$293 after it announced a HK$100 billion share buy-back plan. Alibaba rose 2.3 per cent to HK$72.85 and rival e-commerce platform operator JD.com added 2.7 per cent to HK$109.80. CK Asset jumped 2.7 per cent to HK$36.75 and Sun Hung Kai Properties climbed 1.9 per cent to HK$76.50, leading gains among local builders.The US Federal Reserve left the target rate unchanged at 5.25 per cent to 5.5 per cent in second policy meeting of the year and projected three interest rates cuts this year saying inflation pressures had eased “substantially”. The Hong Kong Monetary Authority (HKMA) left its base rate unchanged at 5.75 per cent on Thursday.Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the US dollar.“We believe that our policy rate is likely at its peak for this tightening cycle, and if the economy evolves broadly as expected, it will likely be appropriate to begin dialling back policy restraint at some point this year,” Fed Chair Jerome Powell said in the post-meeting press conference.Traders are now expecting the Fed to deliver the first cut in June with a 73 per cent chance, up from 54 per cent possibility from a month ago, according to the CME Fedwatch tool.“This has provided relief to the markets,” said Ray Sharma-Ong, Investment Director of Multi-Asset at abrdn while adding that going into the FOMC meeting, markets were concerned that the Fed will reduce the number of projected rate cuts to two from three given the inflation backdrop.“We see room for Chinese equity to generate further upside given cheap valuations and with room for earnings to be revised further upwards.”Other key Asian markets also advanced. Australia’s S&P/ASX 200 rose 0.9 per cent and the Nikkei 225 Index in Japan added 1.7 per cent, while South Korea’s Kospi jumped 2.1 per cent.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":9,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1101613678"}