Hong Kong Stocks Pare Gain as Mainland Investors Turn Sellers
- Traders sell 132 million yuan of Hong Kong shares via link
- Investors are using Fed news to take profit, Xufunds says
Emerging Markets Rally as Fed Holds
Hong Kong stocks pared gains after the city’s benchmark index briefly rose above 24,000 and mainland investors turned sellers for the first time in seven weeks. Financial companies fell, while higher crude boosted energy producers.
The Hang Seng Index added 0.4 percent at the close, after climbing as much as 1.6 percent. Bank of China Ltd. slid 1.1 percent, while Sands China Ltd. dropped for a third time this week. Net selling via an exchange link with Shanghai amounted to about 132 million yuan ($20 million), the first outflow from Hong Kong since Aug. 1, compared with purchases of 3.8 billion yuan Wednesday. China Shenhua Energy Co. and China Petroleum & Chemical Corp. rallied at least 1.7 percent. The Shanghai Composite Index added 0.5 percent at the close.