financetom
Market
financetom
/
Market
/
Hong Kong stocks score 8-day winning streak as Fed tone less hawkish than feared
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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%.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Nikkei rallies on weaker yen, Wall Street gains
Nikkei rallies on weaker yen, Wall Street gains
Oct 6, 2024
TOKYO, Oct 7 (Reuters) - Japan's Nikkei share average rose in early trade on Monday, supported by Wall Street's gains on Friday and a weaker yen after a stronger-than-expected U.S. jobs report suggested the world's largest economy remained resilient. The Nikkei had gained 2% to 39,417.6 by 0013 GMT in a widespread rally, while the broader Topix was up 1.5%....
Nikkei surges on weaker yen, Wall Street gains post-US jobs report
Nikkei surges on weaker yen, Wall Street gains post-US jobs report
Oct 6, 2024
(Updates with prices as of 0230 GMT) By Brigid Riley TOKYO, Oct 7 (Reuters) - Japan's Nikkei share average surged more than 2% on Monday, supported by a weaker yen and Wall Street's gains on Friday after a stronger-than-expected jobs report suggested the world's largest economy remained resilient. The Nikkei was up 1.9% at 39,354.63 by the midday break in...
Wall St Week Ahead-Investors look to earnings to support record-high stock prices
Wall St Week Ahead-Investors look to earnings to support record-high stock prices
Oct 6, 2024
* Friday data shows strong US labor market growth * S&P 500's P/E ratio of 21.5 times, well above historic average * Q3 earnings expected to have climbed 4.7%, per UBS By Lewis Krauskopf NEW YORK, Oct 4 (Reuters) - A high-stakes corporate earnings season kicks into gear next week, with bullish investors hoping results will justify increasingly rich valuations...
GRAPHIC-How a rates rethink after strong US jobs data could shake up markets
GRAPHIC-How a rates rethink after strong US jobs data could shake up markets
Oct 6, 2024
* Robust jobs numbers could mean smaller Fed cuts this year * Expectations of lower rates have anchored trades across markets * Bearish bets on dollar at risk of unwind By Saqib Iqbal Ahmed, Lewis Krauskopf NEW YORK, Oct 7 (Reuters) - The reverberations from a blowout U.S. employment number could threaten an assortment of trades predicated on falling interest...
Copyright 2023-2025 - www.financetom.com All Rights Reserved