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Thursday, May 4, 2017, 17:30

Hong Kong shares fall slightly after Fed statement as HSBC jumps

By Reuters

Hong Kong stocks slipped slightly on Thursday, as a jump in index heavyweight HSBC Holdings largely counterbalanced any bearish sentiment stemming from the US Federal Reserve's hawkish policy statement.

The Hang Seng index fell 0.1 percent, to 24,683.88, while the China Enterprises Index lost 0.8 percent, to 10,088.02 points.

The Fed kept its benchmark interest rate steady as expected, but downplayed weak first-quarter economic growth and emphasised the strength of the labour market, a sign it was still on track for two more interest rate increases this year.

The market was sluggish in the morning session, but recovered much of the losses by the close as HSBC jumped more than 3 percent in late trading, after posting a better-than-expected first-quarter profit and capital position.

Most sectors fell, led by raw material shares and software makers. Tencent retreated on profit-taking after hitting record highs the previous session.

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