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Hong Kong: Shares end near 3-month high on global rally
[HONG KONG] Hong Kong stocks jumped more than 2 per cent on Wednesday to a nearly three-month high, as the US Federal Reserve's dovish remarks triggered the market's best performance in nearly a month.
The Hang Seng index rose 2.2 per cent, to 20,803.39, while the China Enterprises Index gained 2.9 per cent, to 8,979.41 points.
Markets scaled back expectations for how fast and far US interest rates might rise this year, after Fed Chair Janet Yellen emphasised global dangers to growth and inflation, and thus the need to proceed "cautiously" on tightening policy.
All main sectors rose, with energy shares among the best performers.
Index heavyweights including Sinopec and PetroChina rose sharply on reform expectations, traders said.