Hong Kong stocks post weekly loss after Fed's hawkish turn

  • 6/18/2021
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* HK->Shanghai Connect daily quota used -0.3%, Shanghai->HK daily quota used 3.2% * HSI +0.9%, HSCE +0.5%, CSI300 +0.0% * FTSE China A50 -0.8% SHANGHAI, June 18 (Reuters) - Hong Kong stocks ended higher on Friday on the back of gains in tech and healthcare firms, but posted weekly losses after the U.S. Federal Reserve this week projected higher interest rates in 2023. ** At the close of trade, the Hang Seng index was up 242.68 points, or 0.85%, at 28,801.27. The Hang Seng China Enterprises index rose 0.54% to 10,646.39. ** Leading the gains, the Hang Seng tech index added 1.8%, while the Hang Seng healthcare index climbed 3.3%. ** The sub-index of the Hang Seng tracking energy shares dipped 2.9%, while the IT sector rose 1.58%, the financial sector ended 0.53% lower and the property sector dipped 0.35%. ** The top gainer on the Hang Seng was WuXi Biologics (Cayman) Inc, which gained 9.35%, while the biggest loser was China Resources Land Ltd, which fell 4.36%. ** For the week, the HSI eased 0.1%, while the HSCE shed 1%. ** Federal Reserve officials, increasingly confident the U.S. economy is recovering fast from the pandemic-induced recession, have begun telegraphing an exit from the central bank’s extraordinarily easy monetary policy that so far is smoother and signaled to be speedier than when the reins were tightened after the last crisis. ** China’s main Shanghai Composite index closed down 0.01% at 3,525.10 points, while the blue-chip CSI300 index ended up 0.01%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.05%, while Japan’s Nikkei index closed down 0.19%. ** The yuan was quoted at 6.442 per U.S. dollar at 08:09, 0.11% firmer than the previous close of 6.449. ** At close, China’s A-shares were trading at a premium of 38.04% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Aditya Soni) Our Standards: The Thomson Reuters Trust Principles.

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