FX.co ★ Hang Seng Reverses Early Losses to Finish Higher

The Hang Seng Index advanced by 137 points, representing a 0.7% uptick, to settle at 20,264 on Wednesday, effectively halting a two-day decline. This rebound was attributed to recovery after early trading losses, bolstered by gains in technology, consumer, and property sectors. Investor sentiment was buoyed by statements from Premier Li Qiang, who assured that Beijing possesses the capability to mitigate adverse external factors, such as the newly instituted 104% U.S. import tariffs. A positive sentiment from mainland stock rallies also contributed, as government-backed enterprises moved to reinforce the markets. Leading Chinese brokerage houses vowed to aid in stabilizing share prices, and several publicly traded companies initiated stock buyback initiatives. This wave of optimism was further reinforced by an increase in U.S. futures preceding the release of the March FOMC meeting minutes. The technology sector index surged 2.6%, indicating investor faith in China's drive towards technological independence. Among the top-performing tech firms were SMIC with a 10.5% rise, Meituan at 4.8%, and Kuaishou Technology climbing 1.9%. Other key players with notable gains included Xiaomi, increasing by 8.6%, Mixue Group at 7.5%, and China Resources Beer at 6.8%.