Hong Kong stocks closed higher on Wednesday as investors picked up shares hammered by three straight days of declines.
The Hang Seng Index, which lost 3.46% in the last three sessions, rose 0.83%, or 164.07 points, to end at 19,864.55. The Hang Seng China Enterprises Index added 1.06%, or 75.35 points, to 7,180.79.
The local equities market halted a three-day losing streak as traders hunted for bargains following a recent sell-off triggered by China's weak economic data and the lack of concrete stimulus measures from Beijing.
The introduction of guidelines to help Chinese state-owned companies boost their valuations and an expected 25bps rate cut by the US Federal Reserve also contributed to the rebound.
In corporate news, shares of Tai Hing Group (HKG:6811) ended 4% higher after the casual dining restaurant group unveiled plans to spend HK$30 million to buy back up to 100.5 million shares.
Meanwhile, Xin Yuan Enterprises (HKG:1748) is facing leadership turmoil following the ouster of Chairman Chen Min. Shares of the company plunged over 19%.
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