Asian stocks closed higher on Wednesday, as stocks in mainland China and Hong Kong rebounded vigorously from yesterday’s heavy losses after Beijing waved further support to the economy.
Hang Seng led gains in Asia, with a 9.08% jump in Hong Kong – the biggest since 2008 – to 20,087.50 points.
Highlighted in Hong Kong, shares in Chinese e-commerce giant Alibaba soared 27.30%, the biggest increase on record in a single day.
In China, the Shanghai Composite rose 3.48% to 3,170.71 points, and the less comprehensive Shenzhen Composite rose 3.62% to 2,086.24 points.
Elsewhere in Asia, Japan’s Nikkei index rose 1.64% in Tokyo today to 25,762.01 points, while South Korea’s Kospi rose 1.44% in Seoul to 2,659.23 points and the Taiex showed a marginal increase of 0.09% in Taiwan, to 16,940.83 points.
The rally came after Chinese Vice Premier Liu He said on Wednesday that the Chinese government would adopt policies favorable to capital markets and take measures to avoid and circumvent risks in the real estate sector, according to the official Chinese news agency. Xinhua.
Liu also said regulators in China and the US have advanced talks about Chinese companies with US-listed shares and are discussing specific cooperation plans.
In recent days, ADRs of Chinese companies traded in New York suffered significant losses.
Yesterday, the markets of China and Hong Kong suffered sharp drops with the news about the increase in cases of infection by Covid-19 in various parts of the Chinese territory.
Investors in the Asian region are also awaiting a monetary policy decision from the Federal Reserve (Fed, the US central bank), which is expected to start raising its benchmark rates on Wednesday afternoon, and continue to monitor negotiations between Russia and Ukraine to stop the ongoing conflict. .
In Oceania, the Australian stock market followed the positive tone of Asia, and the S&P/ASX 200 rose 1.10% in Sydney, at 7,175.20 points.
With information from Dow Jones Newswires
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
