Hong Kong Hang Seng Index Surges Over 8%

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The Hong Kong Hang Seng Index showed a strong rebound, rising by over 8%.

The Hong Kong Hang Seng Index closed down over 6% the previous day, marking its lowest level since February 2016. However, it reversed course in just one day, recording an 8.31% increase to 19,947.44 as of 4:36 PM (Korean time) on the same day.

On the 16th (local time), Tencent's stock price surged 23.02%, and Alibaba rose sharply by 25.47%, driving significant gains. The Hang Seng Tech Index increased by 21.14%.

China's Shanghai Composite Index also jumped 3.46%, and the Shenzhen Index rose 3.99%, showing strong upward momentum.

The rise was attributed to support for Chinese stocks expressed by China's state-run media. According to reports, at a financial stability meeting chaired by Chinese Vice Premier Liu He, Chinese regulatory authorities are reportedly pursuing cooperation plans regarding Chinese stocks listed in the United States. It was conveyed that the Chinese government will support overseas listings of Chinese stocks and strive to stabilize the Hong Kong financial market and real estate sector.

Meanwhile, Japan's Nikkei 225 Index closed up 1.74%, and the TOPIX Index rose 1.62% on the day.

This content was produced with the assistance of AI translation services.