Hong Kong Market surges 1.6%

Headline indices of the Hong Kong share market were higher on Wednesday, 26 September 2018, on tracking strength in Mainland A-share market today which rose after MSCI Inc. said it's considering increasing the weight of the shares in its global indexes from next year, as well as allowing in a raft of smaller tech companies. However, market gains were capped as investors looked for further cues from the Federal Reserve ahead of a two-day meeting. In afternoon trade, the Hang Seng Index inclined 451.32 points or 1.64% to 27,950.71. The Hang Seng China Enterprises Index added 244.01 points or 2.25% to 11,071.53. The sub-index of the Hang Seng tracking the Commerce & Industry sector added 1.7%, properties sector rose 0.8%, financial sector was 1.9% up, and Utilities sector climbed 0.2%.

The index compiler MSCI Inc plans to lift a cap on free-float-adjusted market value to 20 percent from 5 percent for yuan-denominated stocks, according to a statement. That would occur in two stages in 2019. MSCI's also looking to make equities listed on the tech-heavy ChiNext board eligible from next year, and mid-cap stocks from 2020, it said. China A shares won entry to the MSCI indexes in June last year and were added to gauges in May and August. MSCI is seeking feedback from investors by mid-February and will announce its final decision at the end of that month.

 

OFFSHORE MARKET NEWS, US stock market closed mixed on Tuesday, on caution ahead of the Federal Reserve's monetary policy decision on Wednesday. The Dow Jones Industrial Average fell 69.84 points or 0.3% to 26,492.21 and the S&P 500 slipped 3.81 points or 0.1% to 2,915.56, While the Nasdaq edged up 14.22 points or 0.2% to 8,007.47.

The major European markets ended higher on Tuesday. The U.K.'s FTSE 100 Index climbed by 0.7%, while the German DAX Index and the French CAC 40 Index edged up by 0.2% and 0.1%, respectively.

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