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Hot stock: Hongkong Land jumps 8% on news Carrie Lam is formally withdrawing extradition bill

SHARES in Jardine-owned property group Hongkong Land jumped by about 8 per cent on Wednesday, on the back of news that embattled Hong Kong leader Carrie Lam is formally withdrawing an extradition bill that has triggered months of unrest, and thrown the city into its worst crisis in decades.

As at 3.19pm on Wednesday, the counter was trading at US$5.88, up 8.1 per cent, or 44 US cents.

Hongkong Land shares traded within a range of US$5.41 to US$6.02 for the day, with some 4.7 million shares changing hands. 

The Hong Kong dollar also gained as much as 0.08 per cent, and the benchmark Hang Seng Index was up 3.5 per cent. 

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The decision will mean that the government is acceding to one of the main demands of pro-democracy protesters, who have taken to the streets over the past 13 weeks to voice not just their opposition to the legislation, but the overall governance of the city in demonstrations that have become increasingly violent, South China Morning Post reported on Wednesday. 

Ms Lam has also called a 4pm meeting with pro-establishment politicians on Wednesday.