Hong Kong shares track Wall Street gains to end higher

  • 11/4/2021
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Nov 4 (Reuters) - Hong Kong shares ended higher on Thursday, snapping a seven-day losing streak, supported by overnight gains on Wall Street after the U.S. Federal Reserve unveiled plans to taper its pandemic-era stimulus. The Hang Seng index rose 0.8% to 25,225.19, while the China Enterprises Index gained 1.1% to 8,953.12 points. ** The U.S. Federal Reserve said it would not rush to raise interest rates even as it began unwinding its pandemic-era stimulus, pushing major Wall Street indexes to record highs. ** The Hang Seng Tech Index gained 1.6%, with tech giants Meituan, Alibaba Group and Tencent Holdings up more than 2.5% each. ** Tencent touted progress in semiconductor chip development and investment on Wednesday, offering a rare public glimpse of its R&D initiatives. ** BYD Co Ltd jumped 7.8% and was the biggest percentage gainer on the Hang Seng Index, after data showed its total sales volume of new energy vehicles from January to October surged 212% year on year. ** Healthcare companies lost 1.2%, with Wuxi Biologics slumping 4.9%, the biggest percentage decliner on the Hang Seng Index. ** Property developer Kaisa Group Holdings Ltd plunged 15.1% to a record low after it missed a payment on a wealth management product issued by a unit, adding to worries about a cash crunch at the debt-strapped firm. (Reporting by the Shanghai Newsroom; Editing by Ramakrishnan M.)

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