Hang Seng Rallies at Close
The Hang Seng surged 652 points or 2.8% to end at 23,594 on Wednesday, reversing a modest fall in the prior session, buoyed by broad-based gains across sectors.
Sentiment strongly improved after China set GDP growth target of around 5% for 2025, keeping the same pace as in 2024 despite trade spat with the US. Beijing also pledged fresh support for domestic consumption and the tech industry while trimming its annual inflation target to around 2%, the first adjustment in over two decades from a longstanding 3% goal.
Meanwhile, US futures soared after Wall Street tumbled for a second session Tuesday. Tech stocks led the gains, rising by 4% amid strong gains in Semicon Manufacturing (6.0%) and Meituan (6.3%). Zhejiang Leapmotor Tech jumped 6.1% after teaming up with FAW Group to grow passenger EVs.
Consumer, property, and financials also saw strong gains, driven by solid services activity in China during February. Xiaomi Corp. soared 6.5% after planning to launch smart driving insurance.
Source : Trading Economics