Hong Kong Shares Rise On Interest-rate Hopes

Wednesday June 05, 2019.

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2019-06-05 HKT 17:21

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Hong Kong stocks add 0.5 percent on hopes of an American interest rate cut. Image: Shutterstock

The Hang Seng Index gained ground on Wednesday after the US Federal Reserve signalled a greater openness to lowering interest rates.

The index finished 0.5 percent higher at 26,895. Turnover was HK$79.4 billion.

Mainland tech giant China Tower continued its surge, rising over 4.7 percent, on news that Beijing will be pushing forward 5G development.

Macau gaming shares also made solid gains, with Sands China rising almost 3.3 percent and Galaxy Entertainment adding 2.1 percent.

Stocks across the border were little changed.

The Shanghai Composite Index lost less than 1 point, while the Shenzhen Composite Index added less than 1 point.

Regional shares were generally higher.

The Nikkei in Tokyo jumped 1.8 percent; Seoul edged up 0.1 percent; and Taipei climbed 0.3 percent.

Speaking in Chicago on Tuesday, Fed chief Jerome Powell said ongoing trade conflicts have affected the global economic outlook.

Some analysts say that remark could pave the way for an interest rate cut. (Additional reporting by AFP)

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