Hong Kong: Stocks close with hefty gains
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[HONG KONG] Hong Kong shares finished sharply higher on Tuesday (Mar 22), resuming last week's rally sparked by China's pledge to support the country's markets and indicated a tech crackdown was nearing an end.
The Hang Seng Index climbed 3.15 per cent, or 667.94 points, to 21,889.28.
The Shanghai Composite Index added 0.19 per cent, or 6.18 points, to 3,259.86, while the Shenzhen Composite Index on China's second exchange dipped 0.41 per cent, or 8.86 points, to 2,151.68.
Beijing provided a massive boost last week when, after a meeting chaired by Vice Premier Liu He, it said it would provide stability to the stock market and support overseas share listings.
News that a debilitating crackdown on the technology sector was nearing its end sent a Hong Kong gauge of tech firms soaring.
Authorities reiterated their pledge on Monday.
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Tuesday's rally on the HSI was fuelled by a more than 11 per cent advance in e-commerce giant Alibaba after it increased a share buyback programme to $25 billion on optimism that the worst of the crackdown has passed.
The Hang Seng Tech Index rose around 5 per cent thanks to massive gains in giants such as JD.com, Tencent and Meituan. AFP
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