HK shares rally, tracking gains of global markets on U.S. Fed debt program

China Resources Beer Holdings

16/06/2020 09:54

* Hang Seng index up 2.4%; HSCE index rises 2.2%
    * Fed's debt program boosts short-term revival of risk-on
tone -
analyst

    BEIJING/SHANGHAI, June 16 (Reuters) - Hong Kong shares rose
to their highest in more than two weeks on Tuesday, tracking
gains from the global markets after the U.S. Federal Reserve
widened its bond buying program.
 
** At the close of trade, the Hang Seng index  .HSI  was up
567.14 points, or 2.39%, at 24,344.09. The Hang Seng China
Enterprises index  .HSCE  rose 2.19% to 9,867.63.
 
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 3.5%, while the IT sector  .HSCIIT  rose 4.45%,
the financial sector  .HSNF  ended 1.78% higher and the property
sector rose 2.34%.
 
** Hong Kong shares rallied as the formal start of the Fed's
corporate bond buying programme boosted short-term revival of
the risk-on tone, wrote Pang Jinyi, a strategist at IG. 
 
** Hong Kong is moving towards a further relaxation of social
gathering restrictions related to the coronavirus, Chief
Executive Carrie Lam said on Tuesday, which also lifted
sentiment.  urn:newsml:reuters.com:*:nP8N29I00J
 
** China's main Shanghai Composite index  .SSEC  closed up 1.44%
at 2,931.75 points, while the blue-chip CSI300 index  .CSI300 
ended up 1.51%, both posting best daily gains since June 1.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 2.51%, while Japan's Nikkei index
 .N225  closed up 4.88%.
 
** The yuan  CNY=CFXS  was quoted at 7.0822 per U.S. dollar at
08:11 GMT, 0.09% firmer than the previous close of 7.0888. 
 

 (Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew
Galbraith in Shanghai; Editing by Krishna Chandra Eluri)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))