September 19, 2016 / 8:22 AM / 2 years ago

Hong Kong shares jump ahead of Fed meeting, aided by Chinese money

Sept 19 (Reuters) - Hong Kong shares rose sharply on Monday, despite lingering uncertainty around U.S. monetary policy, with an index tracking Chinese firms jumping more than 2 percent at one point on the back of money inflows from the mainland.

The Hang Seng index rose 0.9 percent, to 23,550.45, while the China Enterprises Index gained 1.6 percent, to 9,747.75 points.

Investors are awaiting the Federal Reserve’s Open Market Committee meeting on Sept. 20-21, and the outcome of the Bank of Japan’s policy meeting due on Wednesday.

Chinese investors spent 5.5 billion yuan ($824.8 million)buying Hong Kong shares on Monday via the Shanghai-Hong Kong Stock Connect, as the recently popular cross-border channel reopened after a four-session suspension.

Hong Kong’s financial sector jumped, as China’s yield-hungry investors continue to snap up shares in the city’s listed lenders for their high dividend and low valuations.

6.6686 Chinese yuan Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong

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