Hong Kong stocks rally as Fed boosts rate optimism

Hong Kong stocks closed with another gain Thursday as traders cheered news that the US Federal Reserve still expects to cut interest rates three times this year, despite a recent uptick in inflation.

The Hang Seng Index rose 1.93 percent, or 320.03 points, to 16,863.10.

The Shanghai Composite Index eased 0.08 percent, or 2.57 points, to 3,077.11, while the Shenzhen Composite Index on China’s second exchange slipped 0.13 percent, or 2.30 points, to 1,804.31.