Hong Kong stocks extended gains to close higher on Wednesday amid an improved 2025 growth forecast for China.
The Hang Seng Index jumped 0.6%, or 146.3 points, to end at 23,827.78. The Hang Seng China Enterprises Index rose 0.8%, or by 71.86 points, to 8,660.94.
Investor sentiment was positive after US investment bank Morgan Stanley upgraded China's economic growth forecast for 2025 to 4.5% from 4.2%, the South China Morning Post reported. The forecast for 2026 was also raised to 4.2% from 4%.
Morgan Stanley expects a 15 to 20 basis point reduction in policy rate by China's central bank by the end of 2025, with the reserve requirement ratio also being slashed by half a percentage point.
In corporate news, battery stocks surged on the back of Contemporary Amperex Technology or CATL's (HKG:3750, SHE:300750) strong trading debut on Tuesday.
A day after its IPO, CATL surged over 10%, while BYD (SHE:002594, HKG:1211) and Rept Battero Energy (HKG:0666) closed 4% and 2% higher, respectively.
In other economic updates, gold firms in Hong Kong soared as gold prices rose nearly 1% on Wednesday to reach their highest point in one week, Reuters reported.
Among others, Zijin Mining Group (SHA:601899, HKG:2899) and Shandong Gold Mining (HKG:1787, SHA:600547) soared 8% and 7%, respectively.
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