HGKGY Power Assets Holdings Ltd (PK)

   By Mia Lamar 
 

HONG KONG--Hong Kong shares closed higher Thursday as investors bought up higher-yield utility stocks after the U.S. Federal Reserve reiterated its intent to only slowly raise interest rates.

The blue-chip Hang Seng Index rose 154.27 points, or 0.7%, closing at 23835.53. The turnover totaled 101.94 billion Hong Kong dollars (US$13.14 billion) compared with HK$102.61 billion Wednesday.

Utility stocks rose after minutes released from the latest monthly meeting of U.S. central bank policy makers indicated no shift in its dovish interest-rate policies.

Hong Kong & China Gas Co. (0003.HK) ended up 1.7% at HK$17.74 (US$2.29). Power Assets Holdings Ltd. (0006.HK) rose 1.8% to HK$75.45. Utilities and telecommunications stocks tend to pay investors high dividends and benefit from lower interest rates.

Write to Mia Lamar at mia.lamar@wsj.com