Hong Kong stocks rebound from 15-month low as China’s Premier Li Qiang signals measures to halt US$1 trillion market rout

The Hang Seng Index surged 1.1 per cent to 15,125.38 at 9.36am on Tuesday, after sliding below the 15,000-point psychological level on Monday to the lowest since October 2022. The Hang Seng Tech Index rallied 1.7 per cent, while the Shanghai Composite Index declined 0.4 per cent from an April 2020 low.

Tencent surged 3 per cent to HK$270.00, Alibaba Group advanced 2 per cent to HK$66.750 and peer JD.com rallied 2.5 per cent to HK$84.60. HSBC gained 1 per cent to HK$59.10, while EV maker BYD jumped 2.1 per cent to HK$195. Sportswear maker Anta surged 4.1 per cent to HK$66.80.

Premier Li called on officials to “vigorously improve the quality and investment value of listed companies, increase the entry of medium and long-term funds into the market, and enhance the inherent stability of the market,” according to a Xinhua News Agency report.

China’s premier Li Qiang orders measures to halt market rout

The statement, issued from he chaired a State Council meeting in Beijing on Monday, hours after benchmark stock indices slumped to fresh lows. The market capitalisation losses in Chinese stocks listed in mainland China and Hong Kong this year alone have already snowballed to over US$1 trillion this year through January 22, matching all of the sell-off in 2023, according to Bloomberg data.