Shares in Hong Kong soared 394 points or 1.8% to 21,685 in early trade on Wednesday, swinging from a 1.0% fall in the previous session amid solid gains across sectors. The Hang Seng touched its highest level in four months following a pledge from China's cabinet to spur spending and lure foreign investment ahead of an annual legislative gathering in March. In the US, Fed Chair Powell told Congress on Tuesday that the central bank is in no rush to cut borrowing costs and that it would be unwise to speculate on tariff policy at this time. Capping further gains was news that US President Trump could launch import duties on cars. Alibaba Group climbed 8.3% as it was reportedly partnering with Apple Inc. to roll out artificial intelligence features for iPhone users in China. Meantime, BYD Co. jumped 7.3% after offering advanced driving features on most of its models at low cost. Other early winners included Semicon Manufacturing (4.3%), Xiaomi Corp. (4.2%), and Tencent Hlds. (2.5%).(Cay)
Source: Trading Economi
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