Hong Kong Stocks End Four-Day Slide; Fuyao Glass Industry Rises 8%

MT Newswires Live08-07

Hong Kong stocks rose on Wednesday, snapping four consecutive sessions of losses, as sentiment improved owing to the end of a global rout.

The Hang Seng Index added 1.38%, or 230.52 points, to finish at 16,877.86. The Hang Seng China Enterprises index likewise climbed 1.38%, or 80.56 points, to end at 5,933.17.

Investors in the local equities market scooped up bargain shares following four straight days of declines that pulled the benchmark index to three-month lows.

The rout in recent sessions was triggered by fears of a US recession and concerns that the US Federal Reserve has waited too long to cut interest rates.

Adding to the upbeat sentiment was a 7.2% year-over-year increase in China's July imports, more than double the 3.5% growth predicted by analysts polled by Reuters, and a 7% jump in exports.

In corporate news, Hong Kong-listed shares of Fuyao Glass Industry Group (HKG:3606, SHA:600660) closed almost 8% higher after the company reported a 23% rise in first-half profit.

Shares of New Oriental Education & Technology (HKG:9901) closed over 6% higher after the company upsized its stock buyback program to $700 million from $400 million.

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