Hong Kong Tech Stocks Rebound as Fed Keeps Easy Monetary Policy in Place
March 18 2021 - 12:10AM
Dow Jones News
By Yifan Wang
Shares of Hong Kong-listed Chinese tech giants are rebounding
sharply in morning trade on Thursday, following the strength in the
U.S. market overnight after the Federal Reserve kept its easy-money
policies in place.
E-commerce giant Alibaba Group Holding Ltd. has soared as much
as 7.2%, while delivery firm Meituan jumped up to 6.0%. Social
media operator and gaming developer Tencent Holdings Ltd. has
tracked up as much as 3.8%.
The gains follow a broad downturn in the Asian market's tech
sector the past several weeks, as rising yields on U.S. Treasury
bonds raised borrowing costs for companies and damped investor
sentiment.
Fed officials voted unanimously to maintain overnight interest
rates near zero, where they have been set for the past year, and
most of them expect to maintain ultralow interest rates through
2023.
U.S. stocks reacted positively to the central bank's move to
sustain its loose monetary policy. In particular, the tech-heavy
Nasdaq Composite advanced 0.4%, with tech majors Tesla Inc. and
Amazon.com Inc. each up 3.7% and 1.4%.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
March 17, 2021 23:55 ET (03:55 GMT)
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