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Hong Kong Market ends higher

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Hong Kong stock market finished session higher on Wednesday, 28 April 2021, halting a two-day decline, as investors chased for bargain hunting in recently battered stocks, with Anta Sports leading rally on southbound fund buying. However, market gains capped ahead of the outcome of a U. S. Federal Reserve policy meeting.

At closing bell, the benchmark Hang Seng Index was up 0.45%, or 129.80 points, to 29,071.34.

The Hang Seng China Enterprises Index advanced 0.28%, or 31.23 points, to 11,014.69.

Hong Kong's market trading was lacking direction as the Fed concludes its two-day FOMC meeting on Thursday. Hong Kong's monetary authority runs its rate policy in lockstep with the Fed to preserve the city's currency peg with the US dollar. Any change in US rates policy would be matched in Hong Kong, which would affect the local stock market.

Anta led the market higher with a 4% surge to HK$141.70, the biggest jump in a month on signs funds were buying after a sell-off last week. Mainland investors spent HK$277 million picking up the stock on Monday and Tuesday, according to stock exchange data.

Hong Kong-listed shares of Alibaba jumped 2.3% despite a Wall Street Journal report that China is investigating how its founder Jack Ma managed to get speedy approvals for Alibaba-affiliate Ant Group's stock listing last year.

HKEX lost 0.3% to HK$488.60 despite posting a 70% surge in net profit of HK$3.84 billion (US$494.7 million) last quarter.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, April 28 2021. 19:49 IST