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HONG KONG - Hong Kong share prices closed higher Tuesday, up 1.0 percent, led by property stocks on hopes the US Federal Reserve will announce an interest rate cut this week, dealers said.
The Hang Seng index closed up 238.19 points at 24,291.80, off a low of 24,229.14 and a high of 24,736.80.
Turnover was 92.63 billion Hong Kong dollars (11.86 billion US).
The Fed will begin Tuesday a two-day policy meeting which is expected to deliver another 25-50 basis points cut in the benchmark US rate after a surprise three-quarter point cut last week.
The move normally provokes a similar cut here, as the local currency is pegged to the greenback.
Dealers noted that while the mood was generally positive, investors refrained from aggressive buying ahead of the rate decision and key US economic data, including jobs data on Friday.
The market also came off the day's highs as the Shanghai bourse managed only a mild rebound despite tumbling 7.2 percent Monday.
China coal firms extended Monday's gains as severe snowstorms on the mainland led to increased demand for heating coal and supply requirements.
Semiconductor Manufacturing International Corp (SMIC) was up more than 3.0 percent ahead of its fourth-quarter results announcement.
Among other stocks, exporter Li and Fung surged 5.7 percent after recent falls triggered by US demand concerns, while PC maker Lenovo was up 3.5 percent ahead of its third-quarter to December results announcement Wednesday.
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