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Hong Kong finance, property shares jump after cbank rate increase
March 16, 2017 / 1:31 AM / 9 months ago

Hong Kong finance, property shares jump after cbank rate increase

HONG KONG, March 16 (Reuters) - Hong Kong financial and property shares climbed on Thursday after the central bank raised the base rate charged through its overnight discount window by 25 basis points to 1.25 percent, tracking a hike by the U.S. Federal Reserve.

The property sub-index spiked 1.8 percent, while the financials sub-index rose 1.3 percent in opening trades. Hong Kong’s benchmark index was set to open up 1.3 percent.

Hong Kong tracks U.S. rate moves as its currency is pegged to the U.S. dollar and including reinvested dividends, the broader Hong Kong stock market has outperformed a sub-index of property and finance companies since the last U.S. rate increase in December.

Reporting By Donny Kwok and Saikat Chatterjee; Editing by Richard Pullin

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