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Hong Kong: stocks rebound on fresh gov't support in China
[HONG KONG] Hong Kong stocks jumped on Thursday, snapping a four-day losing streak, as mainland Chinese stocks rebounded after a flurry of rescue measures from the Chinese government.
The Hang Seng index rose 3.7 per cent to end at 24,392.79 points, its biggest one-day gain since April 8.
The China Enterprises Index climbed 3.1 percent in the biggest gain since April 13, to 11,446.37 points.
China shares rebounded sharply on Thursday, with the Shanghai Composite index posting its biggest percentage gain in six years, as a fresh round of government support measures stemmed panic selling.
But analysts said it was too early to tell if the worst was over.
Hong Kong Exchanges and Clearing, led gains in the Hong Kong blue-chip index, rising 14.9 per cent. It was followed by China Resources Land surging 11.8 per cent and China Overseas Land, which was up 10.7 per cent.
Chinese brokerages rebounded, after plunging sharply on concerns over their profitability amid the steep decline in equity markets. Guotai Junan jumped 34.4 per cent, China Galaxy Securities surged 23.9 per cent and CITIC Securities was up 17.5 per cent.