The Hang Seng surged 299 points or 1.5% to close at 20,128 on Tuesday, partly rebounding from Monday's historic 13.2% fall, the steepest one-day loss since 2008. Gains were broad-based, led by tech and consumers, as hopes emerged that Washington might ease its tariff stance.
In response to recent market turmoil, China moved state-owned firms and listed companies to help calm sentiment. Chinese financial regulator also plans to raise equity asset cap for some insurers by about 5%, aiming at channeling more long-term capital into stocks and supporting the economy.
However, the index trimmed early gains as fears persisted over the impact of a trade war on global growth. Further, Beijing vowed to "fight to the end" to guard its interests.
Some traders were cautious ahead of China's March CPI and PPI data later this week. In February, CPI fell 0.7% yoy, while PPI dropped for the 29th month. Top movers included Horizon Robotics (12.8%), Mixue Group (7.0%), Xiaomi (7.0%), and Trip.com (5.8%).
Source: Trading Economics
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