Hong Kong And Chinese Stocks Fluctuate, As Traders Brace For US Fed Meeting

Hang Seng Index drops 0.1 per cent, or 26.34 points, while the Shanghai Composite is 0.3 per cent lower All five debutants on mainland exchanges surge on Wednesday morning
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Hong Kong And Chinese Stocks Fluctuate, As Traders Brace For US Fed Meeting

Hong Kong and Chinese stocks traded sideways on Wednesday, as traders awaited a meeting by the US Federal Reserve to assess the prospects of monetary policy and economic growth.

The Hang Seng Index swung between gains and losses, dropping 0.1 per cent, or 26.34 points, to 24,706.42 in morning trading. The Shanghai Composite Index lost 0.3 per cent.

Hong Kong reported no new local cases of Covid-19 on Tuesday, the first time it has done so in over two months, since the beginning of a third wave that rattled the city. Starting Friday, the city's government will further ease social distancing rules, allowing bars, night clubs and swimming pools to open.

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Meanwhile, the World Trade Organisation said on Tuesday that US tariffs on Chinese goods were in breach of international rules. While the ruling bolstered China's position in the US-China trade war, it might have little binding effect. In December, US President Donald Trump blocked all new appointments to the WTO's dispute resolution court, making it effectively non-functional.

All the five debutants on the mainland's exchanges surged on Wednesday. The best performer was Anhui Hyea Aromas, a maker of chemical products, whose shares jumped 365 per cent from their initial public offering price to 86.47 yuan on Shenzhen's ChiNext board.

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