Hong Kong Market rebounds 3.15%

22 Mar 2022 , 05:36 PM

Hong Kong share market finished session sharply higher on Tuesday, 22 March 2022, snapping two days of losing streak, as investors chased for bottom fishing across the board after Chinas pledge to support the countrys markets, support overseas share listings, and indicated a tech crackdown was nearing an end.

At closing bell, the benchmark Hang Seng Index advanced 3.15%, or 667.94 points, to 21,889.28. The Hang Seng China Enterprises Index was up by 4.06%, or 294.07 points, to 7,538.55.

Shares of technology companies surged after reports that a debilitating crackdown on the technology sector was nearing its end. Shares of e-commerce giant Alibaba surged more than 11% after it increased a share buyback programme to $25-billion on optimism that the worst of the crackdown has passed.

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