The Hang Seng rose 146 points or 0.6% to finish at 23,828 on Wednesday, marking its second straight session of gains and reaching its highest level since late March. All sectors advanced, led by consumer, tech, and property stocks.
Market sentiment was buoyed by a positive call from Morgan Stanley, which raised its targets for Chinese stock indexes, citing structural improvements and progress on tariffs and earnings.
However, further upside was limited by a sharp drop in U.S. futures following Wall Street's recent rally.
Also, Morgan Stanley warned that deflation risks in China may persist through at least 2026. Mining stocks gained as gold prices hit a one-week high, with Zijin Mining surging 7.5%.
EV battery giant CATL jumped 9%, extending gains after a strong 16% debut on Tuesday. Other notable gainers included EV makers Li Auto (3.8%) and Geely Auto (2.6%), as well as pharma stocks like Wuxi Biologics (2.1%), Hansoh Pharmaceutical (1.4%), and Innovent Biologics (0.7%).
Source: Trading Economics
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