The Hang Seng rose 111 points or 0.5% to close at 22,119 on Wednesday, recovering from early declines and posting a second straight day of gains as most sectors advanced. Sentiment improved on hopes that Beijing would ramp up efforts to cushion the blow from the ongoing U.S.-China trade dispute.
Tech stocks led the rally, with the sector index climbing over 1% after President Xi Jinping called for breakthroughs in AI during a visit to Shanghai. Consumer and property shares also rose on bets of policy support aimed at boosting domestic consumption.
However, the benchmark fell 4.3% in April, pressured by disappointing Manufacturing PMI data in China for April, with official readings pointing to the steepest drop in near 1-1/2 years.
Many traders were also reluctant to take new positions ahead of the Labour Day break. Markets will be closed on Thursday and the following Monday. Top gainers included AIA Group (6.7%), Chow Tai Fook Jewellery (7.8%), Kingsoft (6.8%), and Xiaomi Corp. (5.1%).
Source: Trading Economics
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