Hong Kong Market closes inch higher

Hong Kong share market finished session marginally higher on Wednesday, 20 March 2024, as investor sentiment improved slightly after the Chinas central bank kept benchmark rate steady, but caution ahead to the US Fed's monetary policy decision later in the day kept gains in check.

People Bank of China (PBOC) left benchmark lending rates unchanged at a monthly fixing on Wednesday, after the central bank kept a key policy rate steady last week amid some signs of improvement in the broad economy. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 3.95%.

At closing bell, the benchmark Hang Seng Index advanced by 13.59 points, or 0.08%, to 16,543.07. The Hang Seng China Enterprises Index added 23.78 points, or 0.41%, to 5,803.99.

Among blue-chips, China Unicom climbed 2.5% to HK$5.71 after reporting a record income for last year. China Resources Power slid 3.9% to HK$17.92 after net income missed market expectations. New World Development lost 2% to HK$8.81.

Shares of sportswear brand Li Ning surged 4.9% to HK$21.30 after reporting a net profit of 3.2 billion (US$44 million), and its peer Anta Sports gained 2.3% to HK$79.50.

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