Hang Seng bounces back at close

Business | 10 Mar 2020 4:19 pm

Hong Kong blue chips bounced back the close today in line with regional stock markets, which also rallied, following news overnight that the US is planning pay roll tax relief and other measures.

The benchmark Hang Seng climbed by 352.05 points, or 1.41 percent at 25,392.51, compared with heavy losses yesterday amid a global stock rout.  

At the break today, Hong Kong blue chips had rebounded by more than 450 points.

In mainland China, the benchmark Shanghai Stock Exchange Composite Index bounced at the close. The index added 1.82 percent, or 53.47 points at 2,996.76, and the  Shenzhen Stock Exchange Composite Index, climbed by 2.24 percent, or 44.68 points at 1,887.34.

Equity markets rallied after US President proposed measures including payroll tax relief and loans for small businesses. Global markets were roiled yesterday largely on fears of the severe damage being done to the global economy by the coronavirus that emerged in China in December.

Leading regional equity markets closed higher. 

In Tokyo, the benchmark Nikkei index bounced
back, rising by 0.85 percent, or 168.36 points, to
close at 19,867.12. The broader Topix climbed 1.28 percent, or 17.71 points, to 1,406.68.

In Australia, the ASX200 index closed 3.1 percent higher at 5,940. The All Ordinaries index gained by 3 percent at 5,996.

in Seoul, stocks rebounded from a six-week low  and the Korean won ganed sharply against the U.S. dollar. 

The benchmark Korea Composite Stock Price Index (KOSPI) added 8.16 points, or 0.42 percent, to 1,962.93. In the previous session, the KOSPI plunged 4.2 percent to its lowest level since August 29 last year as foreign investors continued to offload local stocks. Trading volume was moderate at 628.24 million shares worth 8.9 trillion won (US$7.5 billion), with losers outnumbering gainers 522 to 318.



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