Hong Kong stocks track strong overseas markets, HSBC soars

** The top gainer on the Hang Seng was Shenzhou International Group, which soared 12.44%, while the biggest loser was CSPC Pharmaceutical, which fell 1.79%. ** HSBC's Hong Kong shares rose as much as 7.1% in their biggest intraday pct gain since February 2021 on a report of Canadian business sale, while Standard Chartered jumped up to 8.5% and was headed for its best day since April 28.

Hong Kong stocks rose more than 5% on Wednesday, tracking gains in broader Asia as hopes grew that central banks globally could slow the pace of interest rate hikes amid signs previous policy tightening was working. ** Traders said hopes of less aggressive rate hikes fuelled short-covering as markets tried to catch up with gains in world stocks after a one-day holiday in the city.

** However, most investors stayed on the sidelines with Chinese markets closed for the week and ahead of U.S. jobs data. ** By the midday break, the Hang Seng index had risen 933.73 points, or 5.47%, to 18,013.24, while the Hang Seng China Enterprises index was up 5.86% at 6,200.23.

** The Hang Seng sub-index tracking energy shares rose 3.1%, while the IT sector jumped 6.95%, the financial sector climbed 5.62% and the property sector gained 1.98%. ** The top gainer on the Hang Seng was Shenzhou International Group, which soared 12.44%, while the biggest loser was CSPC Pharmaceutical, which fell 1.79%.

** HSBC's Hong Kong shares rose as much as 7.1% in their biggest intraday pct gain since February 2021 on a report of Canadian business sale, while Standard Chartered jumped up to 8.5% and was headed for its best day since April 28. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 2.37%, while Japan's Nikkei was up 0.45%.

** The top gainers among H-shares was Shenzhou International, followed by Bilibili Inc, which rose 11.71%, and JD.Com Inc, up by 10.03%. ** The biggest H-shares percentage decliner was CSPC Pharmaceutical, followed by Country Garden Holdings.

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