Hong Kong stocks enter bull market: banks, insurers gain after Fed rate decision as China’s policy support adds to cheer

Hong Kong stocks rose on Thursday driven by gains in the banking sector and in insurance companies after the US Federal Reserve signalled it would wait longer before cutting interest rates, while the overall sentiment remained upbeat following Beijing’s recent efforts to prop up stocks.

The Hang Seng Index rose 2.5 per cent to end the day at 18,207.13. The benchmark has risen 20 per cent from a January low and has now entered what is defined as bull-market territory. The Hang Seng Tech Index rose 4.45 per cent, while China’s onshore stock exchanges are closed for the week.

Source: Trade Finance