Hong Kong shares log best day in almost 7 weeks, consumer discretionary stocks shine

HONG KONG: Hong Kong stocks jumped nearly 6% on Wednesday to post their best session in almost seven weeks, as hopes grew that global central banks could slow the pace of interest rate hikes amid early signs previous policy tightening was working.

** Traders said hopes of less aggressive rate hikes fuelled buying as markets tried to catch up with gains in world stocks after a one-day holiday in the city, but most participants kept to the sidelines with Chinese markets closed for the week and ahead of US jobs data on Friday.

** The Hang Seng index closed 1,008.46 points, or 5.9%, higher at 18,087.97, with consumer discretionary stocks leading the rally. The Hang Seng China Enterprises index rose 6.28% to 6,224.61.

** The sub-index of the Hang Seng tracking energy shares rose 3.7%, while the IT sector gained 7.27%, the financial sector ended 6.07% higher and the property sector climbed 2.63%.

** The top gainer on the Hang Seng was Shenzhou International Group with a jump of 13.71%, while the biggest loser was Country Garden Holdings with a drop of 1.01%.

Battered Hong Kong’s stocks hit 11-year low

** HSBC’s Hong Kong shares ended 5.7% higher in their best session since February 2021 on a report of Canadian business sale, while Standard Chartered jumped 7.2%, marking its best day since April 28.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 2.53%, while Japan’s Nikkei index closed up 0.48%.

** The top gainer among H-shares was Shenzhou International, followed by ANTA Sports Products, rising 10.46%, and Li Ning Co, up 10.41%.

** The top gainers in the Hang Seng Tech Index were JD.Com, which jumped 10.1%, BYD Electronic , which surged 9.5%, and Kingsoft, which was up 9.1%.