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Tuesday, December 13, 2016, 16:50

Stocks regain balance ahead of Fed meeting

By Reuters

Hong Kong stocks steadied after a tumble the previous day, though some investors stayed on the sidelines ahead of a US Federal Reserve policy meeting starting later on Tuesday.

In the afternoon, stocks clawed back Tuesday morning losses and eked out a marginal gain for the day.

The benchmark Hang Seng index added 0.1 percent, to 22,446.70 points, while the Hong Kong China Enterprises Index inched up 0.2 percent, to 9,719.94 points.

On Monday, the Hang Seng dropped 1.4 percent.

The Fed's two-day meeting is widely expected to bring the first US interest rate hike this year, which could lure more capital away from emerging markets.

Sector performance in Hong Kong on Tuesday was mixed, with strength in the energy and materials stocks countered by weakness among real estate developers.

An index tracking the property sector retreated nearly 0.6 percent, dragged by concerns of rising borrowing costs, since Hong Kong's interest rates typically follow those of the United States.

Energy shares were among the best performers, after OPEC's consensus over the weekend to cut output fuelled an expectation of a rising oil price.

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