News Formal

Hong Kong stocks soar as China pledges support

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 61%

Malaysia News News

Hong Kong's Hang Seng Index rocketed 1,672 (9.08%) to close at 20,087 as traders pounced on a report to snap up beaten-down firms that have been hit by concerns about regulatory crackdowns by Chinese and US authorities.

The official Xinhua news agency said authorities would maintain capital market stability and adopt measures to handle risks for troubled property developers.

The news lit a fire under Hong Kong's Hang Seng Index, where mainland Chinese tech firms had been reeling from a sell-off this year fuelled by a government crackdown on the sector.Traders pounced on the report to snap up beaten-down firms that have been hit by concerns about regulatory crackdowns by Chinese and US authorities.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Europe stocks fall as China Covid surge weighs on oil majors, minersEurope stocks fall as China Covid surge weighs on oil majors, miners via IrishTimesBiz
Source: IrishTimesBiz - 🏆 6. / 77 Read more »