The Hang Seng Index surged by 700 points, equivalent to a 2.6% increase, closing at 27,827 on Wednesday. This marks its most significant single-day gain since January 2nd and sets a 4.5-year record high. The index advanced for the sixth consecutive session, following positive momentum from Wall Street's performance on Tuesday, with widespread strength across various sectors. The energy and materials sectors spearheaded the rally, with respective sub-index increases of 4.0% and 3.5%. This was in response to gold prices surpassing USD 5,200 for the first time, propelled by a significant rise as the dollar weakened to near a four-year low amidst geopolitical tensions.
In corporate developments, China authorized its initial batch of Nvidia’s H200 AI chips for import. Busy Ming Group made a striking debut in Hong Kong, climbing 75% post its Initial Public Offering (IPO) that generated HKD 3.67 billion. Among property developers, China Vanke experienced a robust rise following renewed support from major shareholder Shenzhen Metro. Zijin Gold Intl. and China Hongqiao each saw a 7.1% increase, while Semiconductor Manufacturing International Corporation (SMIC) gained 3.7%. Attention now turns to the upcoming U.S. Federal Reserve's rate decision and the anticipated guidance on this year’s policy rate outlook.
