In Hong Kong, the Hang Seng Index climbed nearly 2% within minutes, after a seven-day losing run that was the longest since late 2021. About half of the stocks in the index are now oversold, the highest ratio since March 2022. The CSI 300 Index, benchmark for mainland shares, finished up 0.8% after erasing loss of as much as 0.7%. The gauge was the most oversold since early June on Monday.
Tuesday’s gains came after investor sentiment toward Chinese stocks deteriorated in recent weeks, owing to dismal economic data, deflation fears, and a property market slump that’s now threatening a crisis in the shadow banking sector.
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