SHANGHAI: Hong Kong shares closed up on Thursday, tracking Asian markets higher on growing expectations that the US Federal Reserve will likely cut interest rates in September, while China stocks closed down.
Expectations of Fed rate cuts in September rose after data this week hinted the US labour market was easing. The Euro advanced ahead of the European Central Bank policy meeting, in which a rate cut is widely expected.
Also helping sentiment was a private sector survey released on Wednesday that showed China’s services activity in May accelerated at the quickest pace in 10 months. Staffing levels expanded for the first time since January, pointing to a sustained recovery in the second quarter.
At the close of trade, the Hang Seng index was up 51.84 points or 0.28% at 18,476.80. The Hang Seng China Enterprises index rose 0.19% to 6,555.06.
The sub-index of the Hang Seng tracking energy shares rose 2.5%, while the IT sector rose 0.44%, the financial sector ended 0.02% lower and the property sector dipped 0.61%.
The Shanghai Composite index ended down 0.54% at 3,048.79.
The blue-chip CSI300 index was down 0.07%, with its financial sector sub-index lower by 0.51%, the consumer staples sector down 0.48%, the real estate index down 0.58% and the healthcare sub-index down 0.91%.
The smaller Shenzhen index ended down 1.68% and the start-up board ChiNext Composite index was weaker by 0.715%.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.96%, while Japan’s Nikkei index closed up 0.55%.
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