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HK stock index gains 0.3 percent; HSBC off 4.1 pct

HK stock index gains 0.3 percent; HSBC off 4.1 pct

Hong Kong stocks rose Wednesday, but finished well off their highs as selling in European lender HSBC weighed down the broader market.
The blue-chip Hang Seng Index added 36.56 points, or 0.3 percent, to 13,704.61, snapping a six-day losing streak.
The market received some encouragement after Federal Reserve Chairman Ben Bernanke said a big stimulus package could help revive the U.S. economy.
"Given that the market was oversold, even small favorable news can trigger at least a temporary rebound," said Dariusz Kowalczyk, chief investment strategist for SJS Markets.
But HSBC dragged on the market after Morgan Stanley analysts said the heavyweight London-based lender may have to raise $30 billion. The company's shares fell 4.1 percent to HK$70.
Bank of China added 2.7 percent to HK$1.9 after Royal Bank of Scotland sold its entire stake in the mainland's No. 3 lender for nearly $2.37 billion, removing some uncertainty about investments in the Chinese company.
Rising oil prices lifted Asian energy producers such as major Chinese offshore firm CNOOC Ltd., up 4.1 percent
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On the Net:
http://www.hkex.com.hk


Updated : 2021-04-16 11:21 GMT+08:00