Asian markets mostly up, Hong Kong boosted by Alibaba rally

HONG KONG - Most Asian markets rose on Wednesday, with Hong Kong leading the pack for a second day following reports Alibaba's co-founders had bought huge stakes in the firm, a day after it emerged China was planning a blockbuster boost for the country's stuttering equities.

The gains followed another record for the S&P 500 on Wall Street that came on the back of optimism over the US economic outlook and a positive run of earnings.

That has helped offset fading expectations the Federal Reserve will cut interest rates several times this year starting in March.

Hong Kong piled on more than two percent at one point Wednesday, building on the previous day's gains of more than two percent -- a much-needed advance after tanking around 10 percent from the start of the year to Monday.

The Hang Seng's rise was fuelled by a six percent surge in Alibaba on news that Jack Ma and Joseph Tsai had bought about $200 million worth of shares between them, which Bloomberg said was seen as a positive signal to investors in the ecommerce titan.

Other Hong Kong-listed tech firms rallied, including Tencent, JD.com and Netease.

Alibaba's New York-listed stock piled on nearly eight percent. 

However, the firm is down more than 70 percent from its record high seen in 2020, when Beijing began a clampdown on China's tech sector, which saw the cancellation of a planned IPO by subsidiary Ant Group worth $34 billion -- a record at the time.

There were also gains in Shanghai, Wellington, Taipei and Manila.

Sydney, Seoul and Jakarta also eased.