Hang Seng, Shanghai gain

Mainland and Hong Kong stocks gained in the morning, joining other Asian counterparts after US Federal Reserve chair Jerome Powell said the central bank will not increase interest rates too quickly.

The Hang Seng Index rallied to 28,721.85 points.

The best performer was automaker Geely Automobile (0175), whose shares added 7.42 percent at HK$26.8. Rival BYD (1211) also gained by 4.3 percent.

Hotpot restaurant operator Haidilao International (6862) fell by 3.45 percent, the worst performer among blue chips.

Property agent Midland Holdings (1200) added 5.16 percent, at HK$1.63, and its commercial property segment, Midland IC&I (0459) slid by 1.06 percent, at HK$0.19 after issuing positive profit alerts last night.

Midland Holdings reported a net profit of HK$160 million for the first five months this year. It expects net profit for the first half, compared with a net loss of HK$24 million a year ago.

Midland IC&I also projected a net profit for the first half, compared with a net loss of HK$8 million a year ago. Net profit for the first five months grew to HK$25 million.

In mainland China, the Shanghai Stock Exchange Composite Index won 0.46 percent, at 3,573.61, and the Shenzhen Stock Exchange Composite Index climbed by 0.81 percent, at 2,427.97.