Jan 5 Hong Kong stocks, joining an Asia-wide
rally, had their biggest gain in eight weeks on Thursday, a day
on which the offshore yuan's surge against the dollar
stole the spotlight.
Resource shares helped lift the Hong Kong market, where
stocks finished at a three-week high.
The Hang Seng index rose 1.5 percent, to 22,456.69
points, its best day since Nov. 10, while the China Enterprises
Index gained 1.7 percent, to 9,598.68 points.
Minutes from the Federal Reserve's December meeting showed
that almost all Fed policymakers thought the U.S. economy could
grow more quickly after Donald Trump becomes president.
"The minutes sent a message that the Fed stays relatively
prudent toward interest rate hikes, which lifted interest
rate-sensitive stocks such as China Mobile," said Alex Wong,
Hong Kong-based director at Ample Finance Group.
Wong noted U.S. dollar weakness and a U.S. Treasuries
rebound added to Hong Kong's stock rally.
The market also drew some support from improved conditions
in Hong Kong's private sector as reflected by the Nikkei
Purchasing Managers' Index (PMI), which in December recorded the
first expansion in 22 months.
All sectors advanced in the city, led by energy and
raw materials stocks, which added 2.9 percent and 2.3
(Reporting by Jackie Cai and John Ruwitch; Editing by Richard