Hong Kong Stocks Open Lower as Fed, HKMA Rate Hikes Weigh on Sentiment
MT Newswires Live
4 hours ago
Hong Kong stocks opened lower on Thursday as the Federal Reserve's rate hike and signal of further increases weighed on global risk appetite.
The Hang Seng Index fell 0.9%, or 233.21 points, to open at 24,480.57, while the Hang Seng China Enterprises Index dropped 1%, or 79.37 points, to 8,127.00.
U.S. stocks ended lower on Wednesday after the Fed raised interest rates by 25 basis points, its first hike since 2023, and signaled another increase this year.
The HKMA raised its base interest rate by 25 basis points to 4.25% on Thursday, marking its first rate hike since 2023.
The increase took effect immediately under the authority's pre-set formula, which tracks the Fed's policy decision.
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