Hong Kong Shares Inch Higher

Stocks in Hong Kong edged up 27 points, or 0.1%, to 26,186 in Wednesday morning trade, trying to reverse losses from the prior two sessions as most sectors advanced. Bargain hunting, particularly in property stocks, helped lift the market from its near two-week low. Investors were also encouraged by modest gains in China’s markets after a drop in the previous session, following a press briefing by top financial regulators, including the PBoC governor, that offered no new support measures. However, overnight losses on Wall Street limited gains after remarks from Federal Reserve Chair Jerome Powell gave little indication of the future path of U.S. interest rates. Locally, Typhoon Ragasa, one of the strongest in years, shut down Hong Kong early Wednesday, forcing school and flight cancellations and sending hundreds to temporary shelters. Early notable gainers included SMIC (3.2%), SITC International (2.4%), Meituan (1.9%), and China Overseas Land (1.8%).