Hong Kong Stocks mixed ahead of Fed guidance on tapering

Hong Kong stock market finished session mixed on Friday, 27 August 2021, as investors opted to secure recent profit on tracking overnight losses on Wall Street after comments from some U.S. Federal Reserve members fueled concerns that the bank will move forward stimulus tapering.

At closing bell, the benchmark Hang Seng Index declined marginal 0.03%, or 7.80 points, to 25,407.89. The Hang Seng China Enterprises Index rose 0.23%, or 20.52 points, to 8,957.81. The Hang Seng Index climbed 2.3% for the week.

Investors were cautiously awaiting a speech by Fed Chair Jerome Powell at the annual Jackson Hole symposium later today in global day for clues about its approach to roll back the US central bank's stimulus measures after comments from three of the US Federal Reserve's non-voting regional Presidents -Esther George, Robert Kaplan and James Bullard -urging the central bank to start tapering its asset purchase program.

Shares of Ping An Insurance climbed 4% to HK$64.50 on a plan to spend as much as 10 billion yuan (US$1.5 billion) buying back its onshore shares. First-half profit for China's biggest insurer dropped 16% from a year earlier.

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