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Hong Kong Hang Seng Jumps 3.6% on Beijing Stimulus Plans

08/25/2022 | 06:28am
(MT Newswires) -- The Hong Kong Hang Seng closed 3.6% higher Thursday after Beijing late Wednesday announced a fresh round of economic stimulus measures, including 300 billion yuan ($43.8 billion) in support for policy banks to fund infrastructure projects. Tech issues soared, and property shares moved ahead also.

The Hong Kong Exchanges were shuttered in the morning session on a tropical storm watch.

The broad gauge Hang Seng rose 699.64 to 19,968.38, as gaining issues outnumbered losers 61 to eight. The Hang Seng TECH Index rose 6% on the day, while the Mainland Property Index inclined 2.8%.

Leading the thick upside were online retailer JD.com (JD, 9618:HK), up 11%, followed by China Mengniu Dairy (2319:HK), up 9.2%, and then e-commerce colossus Alibaba (BABA, 9988:HK), up 8.8%.

On the downside were diaper-maker Hengan International (1044:HK), off 0.9%, and then Wharf Real Estate (1997:HK), off 0.5%.

On the mainland, the Shanghai Composite rose 1% to 3,246.25.

In addition to infrastructure and other spending, Beijing plans 200 billion renminbi ($29.2 billion) of special bonds to assist electricity producers in boosting output, reported the state-run Xinhua news service.

MT Newswires 2022
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