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Hong Kong Market ends higher
(01 Feb 2023, 14:09)
Hong Kong share market finished higher on Wednesday, 1 February 2023, registering first gain in three consecutive sessions, as investors chased for value buying on tracking positive lead from Wall Street overnight, with shares in tech, realty, and energy companies being notable gainers.

At closing bell, the benchmark Hang Seng Index advanced 229.85 points, or 1.05%, to 22,072.18. The Hang Seng China Enterprises Index was up 135.48 points, or 1.82%, to 7,560.40.

Overnight, Wall Street got a boost after a report showed that growth for workers' pay and benefits in the US slowed during the end of 2022. With the pace of inflation cooling, virtually all of traders expects the Fed this week to announce its smallest increase to interest rates since March, at 0.25 percentage points. That would be the latest step-down after it pushed through four straight increases of 0.75 points and then a hike of 0.5 points.

Investors will watch how the Fed describes its decision and chair Jerome Powell's comments at a planned news conference for signs of whether the U.S. central bank will ease off plans for more rate hikes.

Among blue chips, Alibaba Group gained 1.9% to HK$109.60 while Meituan climbed 3.4% to HK$180.60. BYD led carmakers higher, surging 5.7% to HK$259 while peer Xpeng rallied 7.8% to HK$42.85 and Nio advanced 5.5% to HK$96.75.

Most banks declined, with HSBC losing 1.8% to HK$56.90 and China Merchants Bank sliding 1.7% to HK$50.

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