HK stocks bounce on Fed rate cut signal, regional shares higher

Business | 11 Jul 2019 4:14 pm

Asian stocks gained and the US dollar dropped today after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month.

Stocks in Hong Kong climbed by 0.81 percent,or 227.11 points, to close at 28,431.80. The benchmark Hang Seng Index jumped by 1.19 percent, or 335.05 points at 28,539.74 at mid day.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 1 percent.

In Tokyo, stocks advanced. The 225-issue Nikkei Stock Average gained 110.05 points, or 0.51 percent, at 21,643.53. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 7.31 points, or 0.47 percent, at 1,578.63.

But Chinese stocks were mixed at close. The Shanghai Stock Exchange Composite Index edged up by 0.08 percent, or 2.46 points at 2,932.21. The Shenzhen Stock Exchange Composite Index eased by 0.12 percent, or 1.94 points at 1,548.93.

South Korean shares traded higher at close. The benchmark Korea Composite Stock Price Index (KOSPI) rose by 21.80 points, or 1.06 percent, to 2,080.58. Australian stocks edged up by 0.39 percent.

Federal Reserve Chairman Jerome Powell says “many” Fed officials believe a weakening global economy and rising trade tensions have bolstered the case for looser interest-rate policies.

The dollar index against a basket of six major currencies stood little changed at 97.001 after falling 0.4 percent overnight, when it pulled back from a three-week peak of 97.588 in the wake of Powell’s comments.-Agencies/The Standard 

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