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HSBC, AIA lead Hong Kong shares higher ahead of Fed decision

Country Garden, Geely Automobile retreat as traders consolidate gains

HONG KONG (Nikkei Markets) -- Hong Kong shares headed for a third day of gains on Monday, led by HSBC Holdings and AIA Group, on anticipation that global financial institutions will benefit from an expected U.S. Federal Reserve rate increase this week.

The Hang Seng Index had risen 0.5% to 28,784.37 by noon, with the gauge aided by positive cues from Wall Street on Friday and broad advances by Asian equity markets. Heavyweight lender HSBC added 2.1% while life insurer AIA rose 1%. The gains helped outweigh losses by stocks such as Country Garden Holdings and Geely Automobile Holdings, among this year's best performers on the gauge.

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