Hong Kong Stocks rose to their highest this month following the benchmark interest rate cut by the U.S. Federal Reserve by a half-point on Wednesday.

The Fed trimmed its interest rate by 50 basis points to between 4.75% and 5%, the first cut since the start of COVID-19 pandemic.

The Hang Seng Index rose 2.00%, or 353.14 points, to close Thursday's session at 18,013.16. The Hang Seng China Enterprises Index rose by 2.10%, or 129.48 points, to close at 6,305.51.

Despite the jump in stocks due to the rate cuts, an S&P Global Investment Manager Index survey found that investors' prospects have been dampened by valuation doubts given the overall economic growth slowdown and political risks ahead of the US presidential election and amid conflicts in the Middle East and Ukraine. The headline Risk Appetite Index has slipped further to -29% in September from -10% in August.

Moreover, according to S&P Global's GEP Global Supply Chain Volatility Index for August, the Asian supply chains displayed scarce capacity for the first time since March. The index for Asia declined to -0.07 from 0.07, with China's weak procurement activity leading to a decline in vendor activity and countering strong factory activity in India.

In corporate news, China Development Bank Financial Leasing's (HKG:1606) unit CDB Aviation Lease Finance DAC will buy 50 737-8 aircraft from Boeing, with the company's shares closing over 3% higher on Thursday.

Sinohope Technology Holdings' (HKG:1611) subsidiary Sinohope Hong Kong agreed to subscribe for 1,120 class A shares attributable to Sinohope Multi-Strategy Crypto Fund SP for 1.12 million Tethers, equivalent to around $1.1 million. The energy-related electric and electronic products manufacturer and seller's shares were up over 1% on Thursday's close.

TK Group (Holdings) (HKG:2283) recorded a profit of HK$79.7 million for the six months ended June 30, 45.8% higher than HK$54.7 million logged for the corresponding period last year, the company's shares were up over 3% on Thursday's close.