HSI Rebounds To Log Gains After Volatile Trade

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2021-07-28 HKT 17:20

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  • Hong Kong stocks managed to recoup some of the losses from a selloff in the previous few sessions. Image: Shutterstock

    Hong Kong stocks managed to recoup some of the losses from a selloff in the previous few sessions. Image: Shutterstock

Shares in Hong Kong went through a roller coaster ride on Wednesday before finishing in positive territory, while most other regional markets posted losses after US stocks pulled back from record highs overnight.

After sliding more than 2,600 points over three days, the Hang Seng Index started 270 points higher. But it soon sank into the red before picking itself up again and flipping between gains and losses. The benchmark fell as many as 238 points in the afternoon before heading north again to close 387 points, or 1.5 percent, higher, at 25,473.

Market turnover was HK$281.3 billion.

Tech shares recovered some lost ground following the turmoil in previous days on jitters over regulatory uncertainties from Beijing.

Meituan jumped 7.5 percent. Xiaomi gained 3.1 percent. Alibaba added 1.8 percent. Tencent managed to eke out 0.3 percent of gains after being submerged in negative territory for most of the day.

The top blue-chip performer was mainland property manager Country Garden Services Holdings, which surged 18.2 percent, after the company announced that it's considering buying back shares.

Shares across the border narrowed their losses at the close, after state media tried to soothe nerves by saying the recent market rout "to an extent, reflected the misreading of policies and venting of sentiment by some funds". The Shanghai Composite Index fell 0.6 percent, but the blue-chip CSI300 index rebounded 0.2 percent. The Shenzhen Composite slipped 0.8 percent.

Taiwan shed 0.8 percent. In Japan, the Nikkei gave up 1.4 percent. Australia declined 0.7 percent. But South Korea and Singapore each rose 0.1 percent.