China, Hong Kong stocks rebound sharply as govt calms nerves

Reuters2021-07-29

SHANGHAI, July 29 (Reuters) - China and Hong Kong stocks rebounded sharply in early trade on Thursday, led by tech shares, after the Chinese government moved to sooth investor panic over mounting regulatory risks.

The CSI300 index rose 1.2% to 4,818.78 points at 0139 GMT, while the Shanghai Composite Index gained 1.0% to 3,394.74 points.

The Hang Seng index in Hong Kong was up 1.8%, to 25,925.07 points. The Hang Seng Tech Index jumped over 4%.

Global investors had dumped shares in Chinese companies after China published rules over the weekend that ban for-profit tutoring in core school subjects. Beijing has also launched an anti-monopoly campaign against tech giants.

China's recent policy tightening against the tutoring industry and Internet platforms is good for long-term development of the country, and China remains committed to opening up its capital markets, the official Xinhua News Agency said late on Wednesday.

Meanwhile, the China Securities Regulatory Commission (CSRC) on Wednesday night held a meeting with executives of top global investment banks with the aim to calm financial markets nerves, people familiar with the matter told Reuters.

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Comments

  • SinyinC
    2021-07-29
    SinyinC
    Hope to see this in Southeast Asia 
  • tx03
    2021-07-29
    tx03
    Ok 
  • Sew
    2021-07-29
    Sew
    Good to hear this
  • Jenjorjack
    2021-07-29
    Jenjorjack
    Don’t think we have seen the end of this? What u guys think? Please like comment and follow
  • ckLai
    2021-07-29
    ckLai
    Hi 
  • LIAN230221
    2021-07-29
    LIAN230221
    Please like this and comment thanks 
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