HONG KONG: Shares in Hong Kong rallied more than three percent in the afternoon on Thursday, building on a surge this week fuelled by a raft of economy-boosting measures by China.
The Hang Seng Index jumped 3.16 percent, or 604.28 points, to 19,733.38, while the Shanghai Composite Index added 2.18 percent, or 63.08 points, to 2,959.39. The Shenzhen Composite Index on China’s second exchange climbed 2.18 percent, or 34.32 points, to 1,609.60.
The upswing came as Beijing announced measures aimed at boosting jobs in China – particularly among young people – and helping the poorest with handouts, with hopes for more to come as the country heads for a week-long break.
HK stocks notch best week in more than 12 years
And Bloomberg reported that leaders are considering injecting more than $140 billion into state-run banks to give them more room to support the economy – the first such move since the global financial crisis.
A number of stimulus measures on Tuesday and Wednesday suggested leaders were listening to calls to reinvigorate the world’s number two economy, fanning optimism for a much-needed recovery.
Source: Brecorder
