Hang Seng bounces by more than 960 points

Business | 24 Mar 2020 4:06 pm

Stocks vaulted in Hong Kong today after the US Federal Reserve pledged overnight it will  buy government-backed debt and corporate debt.

Leading regional equity markets also rebounded.

At the close, the benchmark Hang Seng Index  bounced by 967.36 points, or 4.46 percent at 22,663.49.

On Wall Street overnight, stocks fell about 3 percent as the US Congress hit another roadblock in talks to inject nearly US$2 trillion into the economy.

In mainland China, the Shanghai Stock Exchange Composite Index shot up by 2.34 percent at 2,722.44 at the close.  The Shenzhen Stock Exchange Composite Index added 2.10 percent at 1,666.22.

In Tokyo, the Nikkei 225 average soared by 7.13 percent -- the biggest jump since
February 2016 -- or 1,204.57 points to close at 18,092.35, while the broader Topix index was up 3.18 percent, or 41.09 points, at 1,333.10.

In Australia, shares recouped some of Monday's losses. The benchmark S&P/ASX 200 index closed 4.2 percent higher at 4,735 points. The index is nearly 34 percent weaker than the high on February 20. The All Ordinaries index won 4.15 percent or 189 points to 4,753.

- South Korean stocks rebounded sharply, following the government's expanded financial aid package and stimulus measures around the globe.

The Korean won was also sharply up against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped by 127.51 points, or 8.60 percent, to close at 1,609.97, rebounding from a 5.3 percent plunge the previous session. Today's gain marks the sharpest daily risesince October 30, 2008, when it jumped 11.95 percent.

Trading volume was high at 670 million shares worth 10.3 trillion won (US$8.2 billion), with gainers far outpacing losers 866 to 35.

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