Hang Seng rallies 0.8% on Fed’s optimistic outlook

The Hong Kong Stock Exchange benchmark index, the Hang Seng, closed today with gains of 0.8%. The increase was supported by the optimistic outlook on the US economy from the Federal Reserve.

The selective added 231.92 points to 29,303.26. Meanwhile, the index that measures the behavior of mainland Chinese companies listed on the Hong Kong stock market, the Hang Seng China Enterprises, advanced 0.32%.

All the sub-indices closed positive: Real Estate and Commerce and Industry added 0.6%. The finance sector increased by 1.05%) and the Services sector gained 1.16%.

Among financial securities, the trading company, HKEX, lost 1.8%. As for the rest, most of the market had a much better day. Highlights were the insurance company AIA with a rise of 3.71% and the bank HSBC which hiked by 1,79%.

In financial terms, the fall of Longfor Group prevented a full green. With an increase of 0.56%, Tencent stood out from the slight losses of Alibaba (0.09%) and Meituan (-0.06%).

The most significant advance of the day was the Asian division of the Budweiser brewer, Budweiser APAC, which gained 4.31%.

Chinese state securities enjoyed a positive session, with gains for operators such as China Mobile. Also, after several unflattering days, oil companies such as Sinopec rose by 1.8%.

The business volume of the session was 119,750 million Hong Kong dollars (15,427 million dollars). 

Seoul down again by 0.26%

The Seoul Stock Exchange fell today. 

The South Korean selective Kospi lost 7.4 points on Thursday to stand at 3,174.07 units. Meanwhile, the Kosdaq technology stock index dropped by 0.76%, or 7.58 points, to close at 990.69 units.

The asset with the highest capitalization of the Seoul Stock Exchange, Samsung Electronics, lost 0.49% today. 

Furthermore, the operator of the largest South Korean internet portal, Naver, fell 1.87%. The operator of the country’s main instant messaging application, Kakao, sank by 2.09%.

On the other hand, in the biopharmaceutical sector, Samsung Biologics advanced 1.14%, although its competitor, the giant Celltrion, contracted by 0.56%.

Hyundai Motor, the main car manufacturer in the country, slipped by 1.81%.

At the end of its monthly meeting on Wednesday, the Fed’s reassuring message gave momentum to the benchmark at the beginning of the session. However, the direction of operations turned in foreign and institutional investors, net sellers today.