HSI muted at open after Fed rate pause, New Oriental surges 14.7pc on strong earnings

Hong Kong stocks opened largely muted on Thursday after the US Federal Reserve left the rate unchanged.

The benchmark Hang Seng Index rose 67 percent, or 0.26 percent, to 25,875 points.

Tech gauge went up by 0.43 percent to 4,885 points.

China’s largest provider of private educational services, New Oriental Education & Technology (9901), jumped 14.68 percent as the best-performing blue chip. It delivered a strong fourth-quarter performance with revenue rising 23 percent year over year to US$1.53 billion (HK$11.93 billion).

JD Logistics (9901) and Innovent Biologics (1801) increased 2.53 percent and 2.01 percent, respectively.

Tech heavyweights Alibaba (9988) and Tencent (0700) opened flat. Meituan (3690) rose 2.06 percent and JD.com (9618) rose 1.74 percent. Xiaomi (1810) gained 1.63 percent. Baidu (9888), Kuaishou (1024), and NetEase (9999) opened below 1 percent.

Hengan International (1044), producer of sanitary napkins and baby diapers in China, fell 2.52 percent as the worst-performing blue chip. It was followed by Sun Hung Kai Properties (0016), dropping 1.65 percent, and SMIC (0981), which fell 1.64 percent.

HSBC (0005) fell 1.52 percent

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