Hong Kong stocks rally on Fed rate call

HONG KONG: Hong Kong stocks surged more than two percent on Thursday after the Federal Reserve hiked interest rates but signalled a slower pace of monetary tightening through the year.

The Hang Seng Index jumped 2.08 percent, or 495.43 points, to close at 24,288.28.

The benchmark Shanghai Composite Index gained 0.84 percent, or 27.18 points, to 3,268.94 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, climbed 0.96 percent, or 19.55 points, to 2,046.31.