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Hong Kong Hang Seng Up 2.7% on Pandemic, Federal Reserve Outlooks

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Last updated: 05/13/2022 06:14:44

06:14 AM EDT, 05/13/2022 (MT Newswires) -- Hong Kong's Hang Seng Index opened higher Friday and tracked north through the day, finishing up 2.7% on the outlook for eased anti-pandemic lockdowns in China, and after Federal Reserve Chair Jerome Powell on Thursday appeared to rule out larger, 0.75% rate hikes by the US central bank. Property and tech issues paced gainers.

The broad gauge Hang Seng rose 518.43 to 19,898.77, as gaining issues outnumbered losers 63 to three. The Hang Seng TECH Index rose 4.5% on the day, while the Mainland Properties Index rose 5.3%.

Leading the upside were Alibaba Health Information Technology (0241:HK), up 10.8%, followed by Country Garden Services (6098:HK), up 10.4%, and then Geely Automobile (0175:HK), up 8.1%.

On the scant downside were Hong Kong subway operator MTR (0066:HK), off 0.5%, and then hot-pot dining chain HaiDiLao (6862:HK), off 0.4%.

The Hang Seng is down 14.9% year-to-date.

On the mainland, the Shanghai Composite rose 1% to 3,084.28.

In other news, officials in Shanghai indicated the city may ease lockdowns by May 20, reported the South China Morning Post.

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