HONGKONG: Hong Kong’s main Hang Seng index logged its biggest daily percentage gain in three months on Wednesday as a less hawkish-than-expected testimony from U.S. Federal Reserve Chairman Jerome Powell lifted tech shares across the region.

At the close of trade, the Hang Seng index was up 663.11 points or 2.79% at 24,402.17, its biggest daily percentage rise since Oct. 7.

Tech firms led gains, with an index tracking the sector also rising by its most in three months to finish up 5.64%.

Tech firms are leading a global rebound in equities after U.S. Federal Reserve Chairman Jerome Powell gave less hawkish than expected comments in a testimony to Congress.

Hong Kong’s tech index is up 4% so far this year after tumbling by nearly a third in 2021 on investor concerns over tightening regulatory controls.