HSI Gains As Apple Surge Lifts Asian Tech Sector

Hong Kong shares ended with healthy gains on Thursday, boosted by hopes for China-US trade talks, with tech firms enjoying a much-needed rally after big losses earlier in the week.

The Hang Seng Index rose 0.8 percent, to close at 29,944 while the markets on the mainland were closed for a public holiday.

Most other Asian markets rose as forecast-beating earnings from Apple lifted the tech stocks.

Hong Kong-listed AAC Technologies jumped more than 3 percent and market heavyweight Tencent added 0.9 percent, while Apple supplier Foxconn was well up in Taipei and Samsung added 0.1 percent in Seoul.

But Investors remain on edge over the global outlook, which has rattled markets in recent weeks, with the US economy performing broadly better than elsewhere. Traders were jolted by Fed boss Jerome Powell's assessment of recent weak inflation as being only "transitory".

Oanda senior market analyst Edward Moya said there was little chance of such a move any time soon.

"The press conference delivered a clear message that rate cuts are not happening anytime soon as inflation should pick up," he said in a note.

"The expectations for healthier growth later in the year, however, suggest the downside risks are fading. If we see this patient period end with stronger momentum, the Fed may need to reconsider tightening if we do see that pick up with inflation."

In Asia, Seoul rose 0.4 percent, Wellington surged 1.2 percent and Taipei was 0.3 percent higher. Manila, Bangkok and Mumbai also rose but Sydney slipped 0.6 percent and Singapore was off 0.5 percent. (AFP)