Hong Kong's Hang Seng rises most in three months on tech boost

Hong Kong's main Hang Seng index logged its biggest daily percentage gain in three months on Wednesday as a less hawkish-than-expected testimony from U.S. Federal Reserve Chairman Jerome Powell lifted tech shares across the region. ** At the close of trade, the Hang Seng index was up 663.11 points or 2.79% at 24,402.17, its biggest daily percentage rise since Oct. 7.

Hong Kong's main Hang Seng index logged its biggest daily percentage gain in three months on Wednesday as a less hawkish-than-expected testimony from U.S. Federal Reserve Chairman Jerome Powell lifted tech shares across the region.

** At the close of trade, the Hang Seng index was up 663.11 points or 2.79% at 24,402.17, its biggest daily percentage rise since Oct. 7. ** Tech firms led gains, with an index tracking the sector also rising by its most in three months to finish up 5.64%.

** Tech firms are leading a global rebound in equities after U.S. Federal Reserve Chairman Jerome Powell gave less hawkish than expected comments in a testimony to Congress. ** Hong Kong's tech index is up 4% so far this year after tumbling by nearly a third in 2021 on investor concerns over tightening regulatory controls.

** Investors were also encouraged by slower-than-expected producer prices growth in China in December, which is expected offer more room for loosening monetary policy. ** The Hang Seng China Enterprises index rose 2.91% to 8,612.85, its biggest daily percentage gain since Dec. 7.

** The mainland properties index was a notable underperformer on Wednesday, falling 1.38% amid continued concerns over the ability of developers to service their debts. ** Property firms controlled by developers Shimao Group Holdings, Kaisa Group Holdings and Greenland Group were named on a list of Chinese companies "consistently overdue" on commercial paper payments.

** The top gainer on the Hang Seng was JD.Com Inc, which gained 10.98%, while the biggest loser was developer Country Garden Holdings Co Ltd, which fell 2.71%. ** China's main Shanghai Composite index closed up 0.84% at 3,597.43 points, while the blue-chip CSI300 index ended up 1%.

** Around the region, MSCI's Asia ex-Japan stock index was 1.53% firmer, while Japan's Nikkei index closed up 1.92%.