HK joins regional rebound on healthcare and tech gains

Hong Kong and mainland markets experienced a rebound on Thursday, driven by gains in healthcare stocks and a resurgence of tech shares. The Hang Seng Index in Hong Kong closed 203 points, or 0.8 percent, higher at 25,698 on a turnover of HK$269 billion. The tech index increased by 18 points, or 0.4 percent, to 4,700. The China enterprises index also rose 76 points, or 0.9 percent, to 8,547.

On the mainland, the Shanghai Composite Index ended nine points, or 0.24 percent, higher at 3,903. The Shenzhen Component Index gained 82 points, or 0.59 percent, to 13,972, while the ChiNext Index rose 22 points, or 0.64 percent, to 3,495. Investors found reassurance in neighboring markets recovering from a global tech selloff the previous day.

Tokyo's Nikkei Index rose 890 points, or 1.36 percent, to 66,216 after US measures to stabilize its bond market bolstered investor sentiment and demand for riskier assets. The Topix in Tokyo advanced 47 points, or 1.18 percent, to 4,059. In Seoul, the Kospi surged 381 points, or 5.89 percent, to 6,852 after rebounding from steep losses the day prior, propelled by chipmakers' share buybacks or purchases.

Investor sentiment was further supported by Chinese companies announcing share buybacks, such as Foxconn Industrial Internet and CCCC Design & Consulting. Healthcare stocks saw a sharp rise in both Hong Kong and the mainland, following Moderna and Merck's announcement of a major success in a new field of cancer treatment. Moderna's shares surged 160 percent, while Merck jumped 12 percent.

The CSI Vaccine and Biotech Index in China surged 9 percent, while Hong Kong's innovative drug index advanced more than 4 percent. Tech shares, however, recovered some losses from the previous day's selloff; the Star100 Index gained 2 percent after a 7 percent decline, and Hong Kong's AI Index increased 2.3 percent. Nevertheless, shares of Chinese humanoid robot maker Unitree fell 19 percent, having soared over fivefold during its controversial debut trading in Shanghai the previous day.