Hong Kong Hang Seng Gains 0.50% On Fed Easing Outlook

The Hong Kong Hang Seng joined the Asian equities rally Wednesday, after overnight gains on Wall Street and comments made Tuesday by US Federal Reserve Chair Jerome Powell indicating the central bank was open to easing.

The broad gauge Hang Seng rose 133.92, or 0.50%, to 26,895.44, as gaining issues outnumbered losers 32 to 16.

Leading the upside was toolmaker Techtronics (669:HK), up 3.9%, followed by pork processor WH Group (288:HK), up 3.7%, and casino operator Sands China (1928:HK), up 3.3%.

On the downside were Sino Biopharmaceutical (1177:HK), sliding 8.4%, and CSPC Pharmaceuticals (1093:HK), off 4.8%.

On the mainland, the Shanghai Composite steadied, ending down 0.03% at 2,861.42.

In economic news, China’s economy is steady and poised to meet all risks, President Xi Jinping said on Tuesday, ahead of a state visit to Russia.

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