• 11
  • 4
  • Favorite

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment4

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

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial