June 16, 2020 / 8:56 AM / 23 days ago

HK shares rally, tracking gains of global markets on U.S. Fed debt program

* Hang Seng index up 2.4%; HSCE index rises 2.2%

* Fed’s debt program boosts short-term revival of risk-on tone - analyst

BEIJING/SHANGHAI, June 16 (Reuters) - Hong Kong shares rose to their highest in more than two weeks on Tuesday, tracking gains from the global markets after the U.S. Federal Reserve widened its bond buying program. ** At the close of trade, the Hang Seng index was up 567.14 points, or 2.39%, at 24,344.09. The Hang Seng China Enterprises index rose 2.19% to 9,867.63. ** The sub-index of the Hang Seng tracking energy shares rose 3.5%, while the IT sector rose 4.45%, the financial sector ended 1.78% higher and the property sector rose 2.34%. ** Hong Kong shares rallied as the formal start of the Fed’s corporate bond buying programme boosted short-term revival of the risk-on tone, wrote Pang Jinyi, a strategist at IG. ** Hong Kong is moving towards a further relaxation of social gathering restrictions related to the coronavirus, Chief Executive Carrie Lam said on Tuesday, which also lifted sentiment. ** China’s main Shanghai Composite index closed up 1.44% at 2,931.75 points, while the blue-chip CSI300 index ended up 1.51%, both posting best daily gains since June 1. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 2.51%, while Japan’s Nikkei index closed up 4.88%. ** The yuan was quoted at 7.0822 per U.S. dollar at 08:11 GMT, 0.09% firmer than the previous close of 7.0888. (Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai; Editing by Krishna Chandra Eluri)

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