Fed rate hike: Hong Kong increases base rate; gold, oil rise; dollar loses

The US Federal Reserve raised the rates by 25 basis points

The Hong Kong Monetary Authority on Thursday raised the base rate charged through its overnight discount window by 25 basis points to 1.25 per cent.

The move from Hong Kong's de facto central bank followed the US Federal Reserve's decision to raise interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target.

Hong Kong tracks US rate moves as its currency is pegged to the US dollar.

Shares of banking and property companies will be in the spotlight