Posted 3/28/2024, 2:48:47 AM
Hong Kong Stocks Rebound as Xi Strikes Upbeat Tone on Economy
- Hong Kong stocks rebounded on Thursday after Xi struck an upbeat tone on China's economy and markets in a meeting with US business leaders
- The Hang Seng Index rose 0.9%, helped by gains in tech stocks and companies like Haier and China Life Insurance that posted better than expected earnings
- Xi pledged more policy support to improve China's business environment and dismissed narratives that China's economy was collapsing
- The Hang Seng Index closed higher for the month, recovering after volatility amid various market intervention moves by Chinese authorities
- Other major Asian markets were mixed, with Japan's Nikkei lower while Australia's S&P/ASX gained