HONG KONG: Hong Kong stocks surged Tuesday as fears about unrest in China gave way to hopes authorities will start to roll back some of their tough, economically painful zero-Covid policies.
The Hang Seng Index jumped 5.24 percent, or 906.74 points, to 18,204.68. The Shanghai Composite Index rose 2.31 percent, or 71.20 points, to 3,149.75, while the Shenzhen Composite Index on China’s second exchange gained 2.14 percent, or 42.15 points, to 2,016.22.
Property firms were among the best performers after China said it would end a ban on companies raising cash by selling stocks, marking the latest measure to ease pressure on the sector, which has seen several companies collapse and threatens the wider economy.
Over the weekend, China was rocked by demonstrations calling for more political freedoms and an end to the country’s long-running zero-Covid strategy, which has seen millions thrown into lockdown for months.
Several arrests were made and security forces were out in force Monday to prevent a repeat of the demonstrations, which were the most widespread since pro-democracy protests were crushed in 1989.