ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Stocks

China stocks rise ahead of Fed decision

HONG KONG -- Chinese stocks rose Wednesday, as investor sentiment relatively improved ahead of the U.S. Federal Reserve's decision on interest rates, which could see the first tightening in more than nine years. Oil companies, meanwhile, had a bumper day.

     The benchmark Shanghai Composite Index ended the day 0.2% higher at 3,516.18. The Shenzhen Composite Index rose 0.7% to 2,280.11. Shenzhen's ChiNext index for startups was up 0.6%, while the small and midsize enterprise index improved 0.3%.

     As the Chinese government on Tuesday signaled that it would not cut fuel prices for the purpose of environmental protection, oil producers were especially strong on both the Shanghai and Hong Kong markets. In Shanghai, PetroChina and China Petroleum & Chemical (Sinopec) soared 1.1% and 2%, respectively.

     Hong Kong's Hang Seng Index rose for the first time in 10 days, closing 2% higher at 21,701.21. The Hang Seng China Enterprise Index, consisting of mainland Chinese H shares listed in Hong Kong, climbed 2.1% to 9,538.66.

     In addition to oil companies, financial stocks were among the major gainers in Hong Kong. HSBC Holdings increased 2%, while AIA Group gained 2.3%. Industrial and Commercial Bank of China, China Construction Bank and Bank of China all rose. IT companies were also strong, with Tencent Holdings soaring 2.9%.

     Other Asian stock markets were also up Wednesday following a rally in the U.S. market. Japan's Nikkei Stock Average jumped 2.6% to 19,049.91, while South Korea's Kospi Index was up 1.9% at 1,969.40. Taiwan's weighted index improved 1.4% to 8,184.66.

     The benchmark indexes in Singapore, Malaysia, Thailand, Indonesia, India and the Philippines were all up as well on Wednesday afternoon.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media