Sun, September 25, 2022

Hang Seng in Hong Kong recovers from a two-day decline

Hang Seng index in Hong Kong gained 2.93%, or 739.76 points, to trade at 26,215.64, continuing its recovery

Hong Kong’s shares continued recovery on Thursday from a two-day decline earlier this week. Meanwhile, Asian markets increased after the U.S. Federal Reserve decided to leave its benchmark interest rate near zero. Remarkably, Fed’s two-day meeting started on Tuesday and had attracted the attention of markets.

Hang Seng index in Hong Kong gained 2.93%, or 739.76 points, to trade at 26,215.64, continuing its recovery after closing more than up on Wednesday. Overall, the index had declined by more than 8% over two days early this week.

Additionally, Chinese tech stocks in Hong Kong increased. Remarkably, tech stocks were hardly hird by the market rout earlier in the week. Tencent’s shares increased by 9.44%, while an e-commerce giant, Alibaba, soared 7.26%. Meanwhile, Meituan surged 9.78%. The Hang Seng Tech index increased by 7.33%.

Mainland Chinese stocks also surged. The Shanghai Composite surged nearly 1.49%, or 50.13 points, to settle at 3,411.72. Meanwhile, the Shenzhen component gained 3.05%, or 428.9 points, to 14,515.32.

On Wednesday, China’s securities regulators told brokerages that the country will allow Chinese companies to go public in the U.S. if they meet listing requirements.

In Japan, the Nikkei 225 gained 0.73% to 27,782.42. Meanwhile, the Topix index advanced 0.21%.

Moreover, South Korean Kospi boosted by 0.18% to 3,242.65. The S&P/ASX 200 in Australia gained 0.52%, or 38.1 points, to settle at 7,417.4.

MSCI’s broadest index of Asia-Pacific shares excluding Japan gained 1.99%.

The Japanese conglomerate is selling about one-third of its stake in Uber

Softbank Group’s shares in Japan surged 3.94%. Meanwhile, the Japanese conglomerate is selling about one-third of its stake in ride-hailing company Uber. This move aims to cover losses on its investment in Chinese ride hailing giant Didi.

Sony Group’s stock also climbed 3.23%. Those increases came after Sony Interactive Entertainment reported on Wednesday that more than 10 million PlayStation 5 units have been sold since launch, remaining the fast-selling console in the firm’s history.

Meanwhile, the Dow Jones Industrial Average (DJIA) dipped 0.36%, or 127.59 points, to 34,930.93. The S&P 500 was slighly fell to 4,400.64. The Nasdaq Composite gained 0.7%, or 102.01, to 14,762.58.

The Federal Open Committee concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%.

Federal Reserve Chairman Jerome Powell announced the U.S. central bank is not considering a rate hike despite the optimism over the U.S. economy.

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