Hang Seng surges 580.81 points on China market stability news

Macro
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Summary · why it matters

The Hang Seng Index in Hong Kong closed up 580.81 points at 25,143.05, a gain of 2.36 percent today, buoyed by news that Chinese authorities are stepping up efforts to stabilize the sluggish stock market. Large state-backed funds such as China Reform Holdings and China Chengtong Holdings have increased their holdings of Chinese stocks and pledged to buy more, while the securities regulator is preparing to discuss measures to support the capital market. Tech stocks that had fallen sharply earlier saw bargain hunting, with Tencent jumping 3.5 percent and Kuaishou Technology surging 4.6 percent. Meanwhile, China's central bank kept the one-year prime loan rate at 3 percent and the five-year rate at 3.5 percent for the 14th consecutive month, as expected.

Impact on stocks 2

Digital Finance & Tokenization▲ · 1 stocks
Tencent Holdings Ltd
0700
▲ PositiveCapitalrelevance

Bargain hunting and market stability measures boost tech stocks, including Tencent.

Communication Services▲ · 1 stocks
Kuaishou Technology
1024
▲ PositiveCapitalrelevance

Bargain hunting and market stability measures boost tech stocks, including Kuaishou.

Off-coverage companies 2

China Chengtong Holdings Group LtdPrivate▲ Positive
Capitalrelevance

China Chengtong Holdings is increasing holdings of Chinese stocks and pledged to buy more.

China Reform Holdings Corporation LtdPrivate▲ Positive
Capitalrelevance

China Reform Holdings is increasing holdings of Chinese stocks and pledged to buy more.

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