Hong Kong stocks soar as China pledges support

📆 3/16/2022 6:33 AM
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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.

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