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Hong Kong Hang Seng Down 1.6% on US Federal Reserve Outlook

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Last updated: 09/22/2022 06:27:43

06:27 AM EDT, 09/22/2022 (MT Newswires) -- The Hong Kong Hang Seng Index opened lower Thursday and drifted sideways, finishing down 1.6% after the US Federal Reserve on Wednesday raised its key interest rate by 75 basis points and indicated further rate increases are pending.

Following the Fed action, the Hong Kong Monetary Authority, the central bank for the former Crown colony, also raised its key rate by 75 basis points to 3.5%.

The broad gauge Hang Seng fell 296.67, nearing an 11-year low, as losing issues outnumbered gainers 62 to 11.

Leading the upside on a down day were Hansch Pharmaceutical (3692:HK), up 3%, followed by pork purveyor WH Group (0288:HK), up 1.7%, and then Budweiser Brewing APAC (1876:HK), up 1.6%.

On the downside were Xinyi Glass (0868:HK), off 4.7%, and then Wharf Real Estate (1997:HK), off 4.2%.

On the mainland, the Shanghai Composite fell 0.3% to 3,108.91.

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