Hong Kong Hang Seng recoups ground

Headline shares of the Hong Kong market were on a firmer footing on Friday, 07 December 2018, as a global sell-off sparked by the arrest of Huawei's chief financial officer showed signs of running out of steam. Meanwhile risk sentiments were bolstered by report suggesting the U.S. Federal Reserve could consider a slower tempo of increasing interest rates than had been previously expected. Market gains were, however, limited amid US economic concerns, as well as the tentative trade stalemate between the country and China. In afternoon trades, the Hang Seng Index added 70.41 points or 0.27% to 26,226.79. The Hang Seng China Enterprises Index fell 6.52 points or 0.06% to 10,474.20.

The rebound was partly attributed to reports that Federal Reserve officials are considering a "wait-and-see mentality" after a likely interest rate hike later this month. Traders also went bargain hunting following the early sell-off.

 

OFFSHORE MARKET: US stock market closed mixed on Thursday amid interest rate optimism after reports that Federal Reserve officials are considering a "wait-and-see mentality" after a likely interest rate hike later this month. The Dow Jones Industrial Average shed 79.40 points or 0.32% to 24,947.67. The S&P 500 slipped 4.11 points or 0.15% to 2,695.95 while the Nasdaq Composite recovered from its intraday losses to end the trading day 29.83 points or 0.42% higher at 7,188.26.

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