Hong Kong stock market received solid support from the US after strong US economic data eased concerns about a cooling economy. On Wall Street, the broad S&P 500 index rebounded 1.1% to 2,854.88 and the Dow Jones Industrial Average gained 0.8% higher to 25,962.51. The technology-heavy Nasdaq composite jumped 1.4% to 7,838.96. On Wednesday, the Fed surprised markets with a policy statement that was more dovish than expected, abandoning projections for more rate hikes this year due to signs of softness in the US economy. However, data on Thursday showed the number of Americans filing applications for unemployment benefits fell more than expected and mid-Atlantic factory activity rebounded sharply, pointing to economic strength.
A U.S. trade delegation headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for the next round of negotiations, China's commerce ministry said on Thursday.
Blue chips were mixed. Tencent (00700) nudged up 0.6% to HK$365 after it reported 2018 earnings growth of 10%. HSBC (00005) edged down 0.1% to HK$64.75. HKEX (00388) was also up 0.3% to HK$272.8. China Mobile (00941) dipped 1.4% to HK$81.9 after 4.7%-slump yesterday on disappointing results. AIA (01299) rose 1.1% to HK$77.1.
The top gainer on the Hang Seng was Geely Automobile Holdings Ltd, which rose 6 percent after reported earnings growth of 18%, which triggered the rating and target price upgrades from a slew of research houses, while the biggest loser was China Unicom Hong Kong Ltd, which fell 2.11 percent.
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