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Hong Kong: Stocks rebound despite US tech share slide, expected Fed hike
[SHANGHAI] Hong Kong stocks followed most Asian markets higher on Tuesday, recovering some of the previous session's losses, as investors shrugged off a further slide in US tech shares.
But investors remained cautious ahead of a likely US interest rate hike early on Thursday Asia time. And if the Federal Reserve goes ahead with the raise, Hong Kong will also increase its rates.
The Hang Seng index, which tumbled 1.2 per cent on Monday, rose 0.6 per cent, to 25,852.10, while the China Enterprises Index gained 0.4 per cent, to 10,525.74 points.
Nearly all sectors gained on Tuesday.
Great Wall Motor Co was in the spotlight, after its Hong Kong-listed shares surged 21 per cent on Monday, in what was interpreted as a victory for mainland buyers' over foreign investors in a duel for pricing power in Hong Kong.
The stock was down roughly 2 per cent on Tuesday. Great Wall's Hong Kong-traded shares are 25 per cent owned by mainland investors via the Connect schemes.