Hong Kong Market extends gain

Hong Kong share market finished higher for second straight session on Wednesday, 14 December 2022, as appetite for riskier assets underpinned on following overnight rally on Wall Street after the latest U.S. inflation showed that consumer prices rose less than expected in November, signalling that inflationary pressures could be starting to ease.

However, market gains capped amid concerns over the fast spread of COVID-19 infections in China and ahead of hints on the Fed's path from the decision later Wednesday and Chair Jerome Powell's briefing.

The U.S. Federal Reserve concludes its last meeting of 2022 on Wednesday and economists widely expect the central bank to raise rates by half a percentage point. Thursday will also see monetary policy decisions from the Bank of England, European Central Bank and the Swiss National Bank.

 

At closing bell, the benchmark Hang Seng Index advanced 77.25 points, or 0.39%, to 19,673.45. The Hang Seng China Enterprises Index was up 47.51 points, or 0.71%, to 6,702.36.

Technology stocks led gainers in Hong Kong. Baidu, the Chinese search engine operator, jumped 3.6% to HK$118.20, while Techtronic Industries rallied 4.6% to HK$96.25. Alibaba Group Holding, this newspaper's owner, gained 1.3% to HK$89.50. Tencent Holdings, the world's largest publisher of mobile games, advanced 2.1% to HK$325.

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