HK and regional markets perk up as US eases bond fears
Hong Kong stocks track broader Asian markets as global bond markets steadied after the US Treasury announced steps to bring down rising borrowing rates. The benchmark Hang Seng Index opened up 284 points, or 1.11 percent, at 25,779. The China enterprises index was 107 points, or 1.27 percent, higher at 8,579 while the tech index rose 79 points, or 1.69 percent, to 4,761. On the mainland, the…
Hong Kong stocks mirrored the movements of broader Asian markets following the US Treasury's announcement to reduce long-duration debt buybacks. The Hang Seng Index climbed 284 points, or 1.11 percent, reaching 25,779. China enterprises index increased by 107 points, or 1.27 percent, to 8,579, while the tech index gained 79 points, or 1.69 percent, to 4,761.
On the Chinese mainland, the Shanghai Composite Index rose by 12 points, or 0.33 percent, to 3,907. The Shenzhen Component Index surged 142 points, or 1.03 percent, to 14,032, and the ChiNext Index climbed 44 points, or 1.27 percent, to 3,517. In Tokyo, the Nikkei initially declined before lunch before closing 406 points, or 0.62 percent, at 65,732.
Seoul's Kospi opened 209 points, or 3.23 percent, at 6,680, then soared further to set its biggest daily gain in three weeks, driven by a sharp rebound in semiconductor stocks. The regional market gains followed the US Treasury's decision to double buyback sizes for long-duration debt, aiming to curb the rising yields that had reached their highest level since 2007 earlier in the week.
This move alleviated concerns about increasing borrowing costs, causing the dollar to fall and supporting stocks (Reuters/Xinhua).
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