Hong Kong: Stocks jump more than 3% in morning

HONG Kong stocks rallied more than 3 per cent in the morning session on Tuesday, led by a surge in property and tech firms, while traders were also relieved that China avoided a repeat of the protests that erupted across the country at the weekend.

The Hang Seng Index jumped 3.66 per cent, or 633.41 points, to 17,931.35. The Shanghai Composite Index added 1.72 per cent, or 52.98 points, to 3,131.53, while the Shenzhen Composite Index on China’s second exchange put on 1.50 per cent, or 29.55 points, to 2,003.62.

Property firms were among the best performers after China said it would end a ban on firms raising cash by selling stocks, marking the latest measure to ease pressure on the sector, which has seen several companies collapse and threatens the wider economy. China was rocked by demonstrations calling for more political freedoms and an end to the country’s long-running and economically painful zero-Covid strategy that has seen millions thrown into lockdown for months. However, several arrests were made and security forces were out in force on Monday to prevent a repeat of the flare-ups that were the biggest since pro-democracy protests were crushed in 1989. AFP