Hong Kong: Shares rise 2% on mainland China market surge

[HONG KONG] Hong Kong shares rose more than 2 per cent on Wednesday, encouraged by a late-hour surge in mainland China shares, but investors remained cautious ahead of a decision by the US Federal Reserve on whether to raise interest rates.

The Hang Seng index rose 2.4 per cent to 21,966.66 points, while the China Enterprises Index gained 2.1 per cent, to 9,904.71 points Hong Kong stocks got a boost in afternoon trading, when mainland shares surged almost 5 per cent, posting their best one-day per centage gain in three weeks.

All major sectors rose.

Among the most actively traded stocks on Hong Kong's main board was Bank Of China, which rose 1.7 per cent to HK$3.63.

The Fed will debate the possibility of the first rate rise in the United States in almost a decade at a two-day meeting beginning later in the day.

REUTERS