Hong Kong shares end higher on Alibaba rebound

Hong Kong shares tracked a global rally to finish higher on Wednesday, with index heavyweight Alibaba leading a surge in tech firms. ** At the close of trade, the Hang Seng index was up 500.50 points, or 2.06%, at 24,829.99.

Hong Kong shares tracked a global rally to finish higher on Wednesday, with index heavyweight Alibaba leading a surge in tech firms.

** At the close of trade, the Hang Seng index was up 500.50 points, or 2.06%, at 24,829.99. The Hang Seng China Enterprises index rose 2.47% to 8,723.33. ** The Hang Seng Tech index ended 3.65% higher, the financial sector rose 1.03% and the property sector added 1.09%.

** Alibaba was the top gainer on the Hang Seng, ending 6.83% higher after two days of losses. ** It was also the top gainer among H-shares, followed by Kuaishou Technology, which jumped 5.23%, and NetEase Inc, which rose 4.88%.

** Alibaba's rebound came after Japanese conglomerate SoftBank Group Corp said Alibaba's recent registration of additional American Depository Shares was not tied to any specific future transaction by SoftBank. ** Meituan rose 3.71% and Tencent Holdings gained 2.72%.

** Investor worries about the impact of U.S. sanctions pulled WuXi Biologics 1.04% lower. The stock had plunged more than 25% on Tuesday. ** WuXi AppTec fell 4.17% in Hong Kong and 1.41% in Shanghai, despite the company's attempt to downplay the impact of the measures.

** China's main Shanghai Composite index closed up 0.79% at 3,479.95, while the blue-chip CSI300 index ended up 0.94%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.49%, while Japan's Nikkei index closed up 1.08%.

** The yuan was quoted at 6.3619 per U.S. dollar at 08:10 UTC, 0.06% firmer than the previous close of 6.366.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)