Hong Kong stocks ended up 0.18 percent on Tuesday, as dealers await the end of the US Federal Reserve's closely watched two-day policy meeting. The benchmark Hang Seng Index added 39.96 points to 22,846.54 on turnover of HK$59.62 billion ($7.70 billion). While analysts widely expect the Fed to keep its $85 billion a month stimulus programme in place, they will be poring over Wednesday's announcement for clues as to when it will start winding it down.
The bank had been expected to begin tapering by the end of this year but a weak set of data, including soft jobs growth, and this month's two-week government shutdown has made that highly unlikely. Financial stocks closed broadly higher, with Agricultural Bank of China rising 3.16 percent to HK$3.59 while Bank of China gained 2.31 percent to HK$3.54 and China Construction Bank climbed 2.08 percent to HK$5.89.
Chinese shares closed down 0.23 percent. The benchmark Shanghai Composite Index slipped 5.01 points to 2,128.86 on turnover of 117.3 billion yuan ($19.3 billion). Paper mills and steel makers led the declines. Guangdong Guanhao Hi-Tech slumped by its 10 percent daily limit to 12.77 yuan, while Minfeng Special Paper dropped 3.82 percent to 6.29 yuan. Hangzhou Iron & Steel tumbled 5.84 percent to 3.71 yuan and Chongqing Iron & Steel lost 4.26 percent to 2.47 yuan. Banks bucked the trend. Industrial Bank gained 4.77 percent to 12.09 yuan while Pudong Development Bank rose 3.25 percent to 10.48 yuan.
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