HK stocks score 8-day winning streak as Fed tone less hawkish than feared

Hong Kong stocks kick started May on a strong note on Thursday, after less hawkish-than-expected comments from the U.S. Federal Reserve, while Beijing vowing to step up economic support also buoyed sentiment.

The Hang Seng Index closed 2.5 percent higher, notching eighth straight day of gains, led by a rally in technology, property and financial stocks.

HSI was up 444.10 points at 18,207.13 on Thursday. The Hang Seng China Enterprises index rose 2.6 percent to 6,437.09.

Chinese markets are closed for holidays from May 1-3.

Indexes tracking Hong Kong-listed Chinese tech giants and Chinese property developers surged more than 4 percent, each.

The top gainers among H-shares were SenseTime Group Inc up 36.07 percent, followed by JD Health International Inc , gaining 10.68 percent and Meituan, up by 8.77 percent .

Hong Kong shares of Standard Chartered gained 6 percent after its first quarter profit beat forecasts.

U.S. stock and bond prices turned higher overnight after the Fed’s comments were seen less hawkish than feared. Fed Chair Jerome Powell preached patience that may delay rate cuts, but also means a high bar for any more hikes.

China vowing to step up support for the economy with prudent monetary and proactive fiscal policies, including interest rates and bank reserve requirement ratios, also boosted investor sentiment.