HSI Heads North Ahead Of US Fed Meeting

Local shares found a firm footing while other regional markets headed in different directions on Wednesday, as US central bankers were set to hold their policy meeting later in the day.

The Hang Seng Index slipped into the red soon after opening higher in the morning. But it soon reversed course and stayed in positive territory, before finishing at its highest point for the day, at 29,071, up 129 points or 0.5 percent, on turnover of HK$136.3 billion.

HSBC extended gains to jump 3.2 percent, a day after reporting forecast-beating quarterly results.

WH Group also rallied more than three percent after the mainland pork producer reported better-than-expected results.

But Hong Kong Exchanges and Clearing dipped 0.2 percent despite posting record first quarter profit and revenue.

Xiaomi plunged nearly four percent, after a report warned that smartphone shipments in India, one of its major markets, may slow due to Covid, coupled with rumours that its competitor Oppo was also planning to venture into the carmaking space.

Cathay Pacific retreated 1.7 percent, following news that the local flag carrier has rolled out a voluntary redundancy plan for its pilots and cabin crew.

Across the border, the Shanghai Composite index rose 0.4 percent, while the blue-chip CSI300 index gained 0.6 percent. The Shenzhen Composite, meanwhile, added 0.8 percent.

Around the region, Japan's Nikkei inched up 0.2 percent. Australia advanced 0.4 percent. But the Kospi in South Korea lost one percent. And Taiwan gave up 0.2 percent.