Hong Kong shares rise as upbeat Fed outlook boosts global risk mood

  • 12/16/2021
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Hong Kong shares rose on Thursday after an upbeat economic outlook from the U.S. Federal Reserve boosted global risk sentiment, while the healthcare sector jumped more than 3% to snap a four-day slump. ** At the close of trade, the Hang Seng index (.HSI) was up 54.74 points, or 0.23%, at 23,475.50. The Hang Seng China Enterprises index (.HSCE) rose 0.08% to 8,349.65. ** The Federal Reserve said on Wednesday it would end its pandemic-era bond purchases in March and pave the way for three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the U.S. central bank copes with a surge of inflation. read more ** The subindex of the Hang Seng tracking energy shares (.HSCIE) rose 3.7%, the financial sector (.HSNF) ended 0.08% higher and the property sector rose 0.71%. ** Healthcare shares (.HSHCI) gained, led by a 11.3% jump in WuXi Biologics (Cayman) Inc (2269.HK) on plans to repurchase shares. WuXi shares marked their biggest one-day rise since Oct. 2020, after slumping more than 19% on Wednesday. ** WuXi was the top gainer on the Hang Seng, while the biggest loser was Shenzhou International Group Holdings Ltd (2313.HK), which fell 4.58%. ** The IT sector (.HSCIIT) trimmed earlier losses to end the day down 0.44%. The Hang Seng Tech index (.HSTECH) ** China"s main Shanghai Composite index (.SSEC) closed up 0.75% at 3,675.02 points, while the blue-chip CSI300 index (.CSI300) ended up 0.58%. ** Around the region, MSCI"s Asia ex-Japan stock index (.MIAPJ0000PUS) was firmer by 0.42%, while Japan"s Nikkei index (.N225) closed up 2.13%. ** The yuan was quoted at 6.3665 per U.S. dollar at 08:10 UTC, 0.02% firmer than the previous close of 6.368. Reporting by Andrew Galbraith; Editing by Devika Syamnath Our Standards: The Thomson Reuters Trust Principles.

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