Hong Kong shares end at near 4-week high as inflation woes ease on dovish Fed

Reuters2021-05-26

* HSI +0.88%, HSCE +0.58%, CSI300 +0.04%

* Tech, real estate firms lead gains

* U.S. Fed's Clarida downplays concerns over inflation

SHANGHAI, May 26 (Reuters) - Hong Kong shares closed at a near four-week high on Wednesday, led by tech and property stocks, as a strong yuan and U.S. Federal Reserve's dovish monetary policy stance soothed inflation concerns.

** At the close of trade, the Hang Seng index was up 255.15 points, or 0.88%, at 29,166.01, its highest closing level since April 29. The Hang Seng China Enterprises index rose 0.58% to 10,855.58.

** Leading the gains, the IT sector rose 1.07%, the property sector gained 1.29%, while the financial sector ended 0.67% higher.

** U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance on Tuesday, boosting sentiment in Asian markets.

** China's yuan extended gains to a near three-year high, helping ease the pressure from rising prices of imports, analysts said.

** China Evergrande Group rose 3.2%, among the top gainers of H-shares. Shares of China's smartphone maker Xiaomi Corp rose 1.4% after the company said a U.S. court had removed its designation as a Communist Chinese Military Company and lifted all restrictions on U.S. persons buying or holding its stock.

** China's main Shanghai Composite index closed up 0.34% at 3,593.36 points, while the blue-chip CSI300 index ended up 0.04%.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.41%, while Japan's Nikkei index closed up 0.31%.

** The yuan was quoted at 6.3948 per U.S. dollar at 08:14 GMT, 0.27% firmer than the previous close of 6.412.

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Comments

  • chocfingers
    2021-05-26
    chocfingers
    Finally someone eased inflation woes again!
  • stormlee
    2021-05-26
    stormlee
    Comment & like pls
  • Leim
    2021-05-26
    Leim
    Nice
  • Ngkm
    2021-05-26
    Ngkm
    Agree
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