The Hang Seng rose 30 points or 0.12% to close at 24,771 on Wednesday, marking its second day of gains and remaining at its highest level in three years, driven largely by financial stocks. Traders prepared for the US Fed's interest rate decision later in the day. While the central bank is expected to keep borrowing costs, an anticipated press briefing by Chair Powell may offer more insights into the economic outlook. In China, the PBoC is expected to hold key lending rates at record lows in its monthly review Thursday. However, further gains were capped by a caution from BofA Securities, which warned that China's stock rally could face a "meaningful correction soon" due to parallels with the 2015 boom-and-bust cycle. Xiaomi Co. hit a record high before trimming gains, following its upward revision of the 2025 EV delivery target to 350,000 units from 300,000. Other gainers among major stocks included Budweiser Brewing (6.8%), Hansoh Pharmaceutical (6.3%), and Innovent Biologics (2.6%).
Source: Trading Economics