The Hang Seng jumped 652 points, or 2.8%, to close at 23,594 on Wednesday, reversing a modest decline in the previous session, supported by broad gains across sectors. Sentiment improved after China set a GDP growth target of around 5% for 2025, maintaining the same pace as in 2024 despite the trade dispute with the US. Beijing also pledged fresh support for domestic consumption and the technology industry while cutting its annual inflation target to around 2%, the first adjustment in more than two decades from its previous target of 3%. Meanwhile, US index futures jumped after Wall Street fell for a second session on Tuesday. Technology stocks led the gains, rising 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 develop electric passenger vehicles. The consumer, property and financial sectors also posted strong gains, boosted by solid service activity in China in February. Xiaomi Corp. jumped 6.5% after planning to launch smart driving insurance.(Newsmaker23)
Source: Trading Economics
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