Stocks Jumped as Chinese Markets Continue to Recover

Stocks in Asia-Pacific jumped on March 17 as the Chinese markets continue to extend gain from a rebound, while the Federal announced its rate hike in a long time.

In Hong Kong, the Hang Seng index reached great results. It led gains among the region’s major markets surging 7.04% to close at 21,501.23. One day earlier, the benchmark index saw its best day since October 2008 as it gained 9%.

The Hang Seng Tech index added 7.76% to 4,572.79, with Tencent up 6.27%. Alibaba gained 12.46% and JD.com advanced 15.85%.

Mainland Chinese stocks rose on March 17. The Shanghai composite added 1.4% to end its trading day at 3,215.04. The Shenzhen component advanced 2.408% to 12,289.97.

On March 16, Chinese markets bounced after a Chinese state media report signaled support for Chinese stocks. Furthermore, U.S.-listed Chinese stocks followed suit. It said regulators from both countries are working toward a cooperation plan regarding U.S.-listed Chinese stocks.

The report also said authorities would work toward stability in the struggling real estate sector. The country’s Ministry of Finance also announced there were no plans to expand a test of property this year.

Chinese real estate stocks listed in Hong Kong jumped on March 17. Country Garden added 28.41%, Sunac gained 59.03% and China Evergrande Group advanced 17.83%. The Hang Seng Properties index gained 9.46% to 29,555.58.

Stocks around the world

Other Asia-Pacific markets also rose on March 17. In Japan, the Nikkei 225 gained 3.46% to close at 26,652.89. The Topix index added 2.47% to finish its trading day 1,899.01.

South Korea’s Kospi advanced 1.33% to 2,694.51. In Australia, the S&P/ASX 200 gained 1.05% to close at 7,250.80.

U.S. stocks also jumped on March 16. The Dow Jones Industrial Average added 518.76 points or 1.55% to 34,063.10. The S&P 500 advanced 2.24% to 4,357.86. The Nasdaq Composite jumped 3.77% to 13,436.55.