HSI opened slightly higher as investors waiting for Fed's rate policy

30 April 2008 @ 02:43 am EDT

Hong Kong's Hang Seng Index (HSI) Wednesday opened slightly higher by 84.12 points, or 0.32 percent, to reach 25998.27. The financial shares led the rise, such as the local banking stocks and Chinese-funded insurance stocks.

CNOOC, China Shenhua, China Merchants International decreased in the top, while China Pingan, Hang Lung Properties, BOC Hong Kong rose in the top.

Analysts said that investors are more cautious today to wait for the Federal Reserve Board (FED)'s new interest rate decision. Earlier, market watchers expected the Fed would announce at Wednesday's conference to cut rate by 25 basis points.

HSI Tuesday closed up 0.97 percent to reach 25,914.15, the index touched a three-month high during the trading.

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