Hong Kong Stocks Gain, US Dollar Struggles

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2019-07-11 HKT 17:26

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  • An investor monitors the stock prices at a brokerage house in Beijing. Photo: AP

    An investor monitors the stock prices at a brokerage house in Beijing. Photo: AP

Hong Kong stocks jumped on Thursday, tracking a global advance after congressional testimony by the head of the Federal Reserve all but confirmed the bank will cut interest rates at the end of the month.

The Hang Seng Index rose 0.8 percent, to 28,431.

On the mainland, the Shanghai Composite Index edged up 0.1 percent, to 2,917, but the Shenzhen Composite Index lost 0.1 percent, to 1,548.

Tokyo ended 0.5 percent higher. Seoul was up 1.1 percent, Sydney rose 0.4 percent, Singapore climbed 0.7 percent and Taipei put on 0.4 percent.

Manila, Mumbai, Wellington and Jakarta also shifted into positive territory.

"One of the principal drivers of soaring stock market valuation is the thought that easy monetary policy will bolster the US economy, which isn't struggling, and spur on an even more scintillating stock market rally for the remainder of 2019," said Stephen Innes at Vanguard Markets.

The US dollar continued to struggle, with the pound, euro and yen all building on Wednesday's gains, while high-yielding, riskier units were also well up. South Korea's won was 0.8 percent higher, South Africa's rand 1.6 percent up and the Australian dollar jumped 0.7 percent.

Oil prices extended the previous day's surge that came on the back of data showing a bigger-than-expected plunge in US oil inventories as well as a brewing storm in the Gulf of Mexico that could hit production. (AFP)