(Updates to market close)
By Summer Zhen
HONG KONG, May 2 (Reuters) - Hong Kong stocks kick
started May on a strong note on Thursday, after less
hawkish-than-expected comments from the U.S. Federal Reserve,
while Beijing vowing to step up economic support also buoyed
sentiment.
The Hang Seng Index closed 2.5% higher, notching
eighth straight day of gains, led by a rally in technology,
property and financial stocks.
Chinese markets are closed for holidays from May 1-3.
Indexes tracking Hong Kong-listed Chinese tech giants
and Chinese property developers surged more
than 4%, each.
Hong Kong shares of Standard Chartered ( SCBFF ) gained 6%
after its first quarter profit beat forecasts.
U.S. stock and bond prices turned higher overnight after the
Fed's comments were seen less hawkish than feared. Fed Chair
Jerome Powell preached patience that may delay rate cuts, but
also means a high bar for any more hikes.
China vowing to step up support for the economy with prudent
monetary and proactive fiscal policies, including interest rates
and bank reserve requirement ratios, also boosted investor
sentiment.
** At the close of trade, the Hang Seng index was up
444.10 points or 2.5% at 18,207.13. The Hang Seng China
Enterprises index rose 2.6% to 6,437.09.
** The sub-index of the Hang Seng tracking energy shares
dipped 1.5%, while the IT sector rose 4.17%,
the financial sector ended 2.37% higher and the property
sector rose 2.82%.
** The top gainers among H-shares were SenseTime Group Inc ( SNTMF )
up 36.07%, followed by JD Health International Inc ( JDHIF )
, gaining 10.68% and Meituan ( MPNGF ), up by 8.77%.