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Thursday, August 25, 2016, 16:28

HK shares stay in place ahead of Yellen speech

By Reuters

SHANGHAI - Hong Kong shares were little changed on Thursday, as investors choose not to make bets on either side ahead of a speech by Federal Reserve Chair Janet Yellen at a global central bankers' meeting.

The Hang Seng index was flat at 22,826.87, while the China Enterprises Index lost 0.1 percent, to 9,500.21 points.

Market expectations have increased that Yellen might indicate a clearer timeframe for the next U.S. rate hike after strong housing data this week and hawkish comments by other Fed officials.

However, many analysts expect her to strike a more neutral stance.

Financial stocks were firm but most other sectors fell.

Shares of China Mengniu Dairy Co Ltd jumped 12 percent. Morgan Stanley said the company's recurring net profit was higher than expected due to strong sales.

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