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Hong Kong stocks score 8-day winning streak as Fed tone less hawkish than feared
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Hong Kong stocks score 8-day winning streak as Fed tone less hawkish than feared
May 2, 2024 2:19 AM

(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%.

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