HK, mainland stocks gather strength on government backing

Mainland and Hong Kong stocks rose on Tuesday, recovering from a sharp selloff, bolstered by stronger regional markets and government-backed support amid growing concerns over trade tariffs.

Hong Kong’s benchmark Hang Seng Index seesawed on Tuesday, rising as much as 625 points before briefly dipping 83 points, and eventually closed 299 points or 1.5 percent higher at 20,127, buoyed by a rebound in A-shares.

The main board turnover was HK$433.15 billion, down 30.24 percent from the previous session.

The Hang Seng China Enterprises Index rose 167 points, or 2.31 percent, to close at 7,430, while the Hang Seng Tech Index gained 3.79 percent to finish at 4,568.

Chow Tai Fook Jewellery (1929) jumped 9.08 percent to close at HK$8.65, making it the top gainer among the blue chips.

In the mainland, the Shanghai Composite Index regained the 3,100-point mark, closing at 3,145 – up 48 points, or 1.58 percent. The Shenzhen Component Index rose 60 points, or 0.64 percent, to 9,424.

STAFF REPORTER