The Hang Seng jumped 261 points, or 1.3%, to close at 20,760 on Wednesday, rebounding from a quiet session the previous day.
Hang Seng rises 1.3% on market support hopes
Gains were broad-based, with tech, consumer, and financial stocks leading the charge. Traders took new positions as Chinese markets rallied for the fourth consecutive day, driven by speculation about a CNY 2 trillion market stabilization fund suggested by a government-linked think tank. Additionally, the PBoC announced plans to expand its new swap facility to boost stock market liquidity, following a CNY 500 billion quota introduced on Tuesday. However, gains were limited by a sharp decline in US futures.
IMF lowers growth outlook
Investors lowered expectations for rapid policy easing due to a strong US economy and concerns about widening fiscal deficits post-election. Meanwhile, the IMF forecast global growth to ease slightly to 3.2% this year, holding steady through 2025. China Resources Beverage surged nearly 15% in its Hong Kong debut, while auto stocks, including Li Auto (6.9%), Geely Auto (6.5%), and BYD Electronic (2.7%), were also top performers.
