The Hang Seng jumped 349 points or 1.5% to close at 23,681 on Tuesday, picking up from a muted session the day before as all sectors posted strong gains.
Sentiment recovered after the PBoC cut key lending rates to fresh lows for the first time in seven months, aiming to support the economy and cushion potential fallout from a trade war with the U.S. In a coordinated move, some major state-owned banks also lowered deposit rates to ease pressure on narrowing interest margins.
However, further gains were tempered by a modest fall in U.S. futures, with investors cautiously awaiting remarks from several Fed officials later today.
Alibaba Pictures soared 32% after reporting better-than-expected full-year revenue. Xiaomi Corp. climbed 4.7% after starting mass production of its in-house mobile chip. Meanwhile, CATL closed at HKD 296, 12.5% higher than its IPO price of HKD 263. The company raised USD 4.6 billion in its Hong Kong listing, making it the largest IPO globally so far this year.
Source: Trading Economics
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