HK, Shanghai Stocks Boosted By Factory Data Bump

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2019-01-31 HKT 10:31

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  • The slight rise in PMI was enough to cheer some investors. File photo: RTHK

    The slight rise in PMI was enough to cheer some investors. File photo: RTHK

Hong Kong stocks rallied in the morning session on Thursday, boosted by a signal from the Federal Reserve that it will slow its pace of interest rate hikes, while dealers were also cheered by a slight bump in Chinese factory data.

The Hang Seng Index jumped 1.2 percent, to 27,977 by the break.

On the mainland, the Shanghai Composite Index added 0.6 percent, to 2,591 while the Shenzhen Composite Index was up 0.1 percent, to 1,284.

While the mainland's Purchasing Managers Index (PMI) in January showed contraction, it beat forecasts, though observers warned the figures were helped by producers stepping up work ahead of the Lunar New Year next week.

Singapore rose 0.5 percent and Sydney added 0.2 percent, while Wellington and Manila were sharply higher.

Seoul, however, dipped 0.1 percent.

The dovish signal from the Fed sent the US dollar tumbling against most other currencies and extending the losses in Asia.

The greenback remained stuck below 109 yen, while the euro and the pound – which have suffered some turbulence over the Brexit saga in recent days – were also slightly higher.

The Australian dollar rallied 0.8 percent, while the South Korean won was 0.4 percent higher and Indonesia's rupiah put on 0.4 percent. The New Zealand dollar, the South African rand and the Russian ruble were also well up.

The yuan was sitting at a six-month high. (AFP)

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Last updated: 2019-01-31 HKT 13:06

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