Hong Kong Stocks Jump As Fed Comments Boost Asia

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2019-07-11 HKT 10:33

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  • Optimism about a interest rate cut in the US lifted the sentiments. File photo: RTHK

    Optimism about a interest rate cut in the US lifted the sentiments. File photo: RTHK

Hong Kong stocks rose more than 1 percent in the morning on Thursday, in line with a global rally fuelled by renewed optimism the Federal Reserve will cut interest rates at the end of the month.

The Hang Seng Index rose 1.2 percent, to 28,539 by the break.

On the mainland, the Shanghai Composite Index rose 0.3 percent, to 2,924 while the Shenzhen Composite Index gained 0.4 percent, to 1,556.

Most other Asian markets rallied and the US dollar suffered further across-the-board losses.

Tokyo ended the morning session 0.4 percent higher. Seoul was up 1.2 percent, Sydney rose 0.2 percent, Singapore climbed 0.8 percent and Taipei put on 0.4 percent.

Manila, 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. (AFP)

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Last updated: 2019-07-11 HKT 12:36