Friday, June 21, 2024
Main Menu

Hong Kong stocks end little changed, investors await Fed decision


SHANGHAI, JUN 14 (DNA) – Hong Kong shares were little changed on Wednesday, lagging a record run in Wall Street, as investors waited for more clues from the Federal Reserve on future US policy after an expected interest rate rise later in the day.

Hong Kong typically follows US rate moves because of its currency peg to the US dollar.

The Hang Seng index rose 0.1 percent, to 25,875.90 points, while the China Enterprises Index lost 0.1 percent, to 10,514.91 points.

All eyes were on the US central bank, which is scheduled to release its rate decision at 1800 GMT on Wednesday with a news conference to follow from Chair Janet Yellen.

The market reaction seemed largely muted to weak investment data in China, which reinforced views that the country’s economy will start to lose some momentum in coming months. Most analysts expect the slowdown to be gradual as authorities continue to provide ample support.

Sector performance was mixed.

Gains were led by information technology stocks, aided by a bounce in the US tech shares, while losses were seen in property and construction stocks, dragged by the bellwether China Evergrande Group which slumped 11 percent in its worst day in two years.=DNA


Comments are Closed