Hong Kong shares edge up, but worries about weaker yuan, US rates cap gains
[BEIJING] Hong Kong's benchmark stock index reversed earlier losses and closed slightly higher on Monday, but gains were capped by concerns about the weaker yuan and uncertainty over when the US central bank will raise interest rates again.
The yuan weakened on Monday as the dollar strengthened globally, while an official index showed that it hit a record low against a basket of trade-weighted currencies last week.
The Hang Seng index edged up 0.3 per cent to 22,997.91 points, while the China Enterprises Index was little changed at 9,602.65.
Investors are hoping more clues on the US rate outlook may emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore shares retreat at Thursday’s open; STI down 1.1%
Stocks to watch: Keppel, FCT, Suntec Reit, OUE Reit, Clint, Digital Core Reit, OKP, Cordlife
Europe: Stoxx 600 falls on banks drag; tech contains losses on ASMI boost
US: Stocks end flat ahead of key inflation data
Hong Kong spot crypto ETFs to start trading next week
Greenback recovers from PMI slump, yen closes in on 155 per dollar