BOC Hong Kong leads gains in local banks ahead of U.S. Fed meeting

Boc Hong Kong Holdings

14/06/2022 08:52

** Shares of BOC Hong Kong  2388.HK  lead gains in local
banks, rising 5.3% to HK$30.70, biggest daily pct gain since
November 2020, if gains hold
    ** Stock is the biggest pct gainer in Hang Seng Index
 .HSI , Hang Seng Finance Index  .HSNF  
    ** Hang Seng Bank  0011.HK , Bank of China  3988.HK , and
Hong Kong shares of Standard Chartered  2888.HK  and HSBC
 0005.HK  climb between 1% and 2.6% 
    ** Goldman Sachs forecast a 75-basis-point interest rate
hike at the U.S. Federal Reserve's policy meeting on Wednesday,
joining several high-profile Fed analysts on expecting a larger
hike  urn:newsml:reuters.com:*:nL1N2Y02MC
    ** Standard Chartered says it expects a 50-bps hike at the
June 15 FOMC, but do not preclude a hike of 75 bps
    ** KPMG China says in its latest Hong Kong Banking Report
that Hong Kong banks are likely to see their revenues rise in
2022, as net interest margins improve amid expectations of
higher inflation and multiple interest rate hikes by the Fed
this year 
    ** Credit risk and other uncertainties are likely to make
the lenders cautious, and a slowdown in economic activity could
cloud the outlook for the entire sector - KPMG
    ** Hang Seng Finance Index  .HSNF  gains 0.2%, while Hang
Seng Index  .HSI  slips 0.2%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))