Hong Kong stocks climb on China’s pledge to support markets

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Hong Kong’s Hang Seng index had its best day since the financial crisis, gaining 9.1 per cent on Wednesday as markets across the Asia-Pacific region rallied in response to new measures from Beijing to boost investor confidence.

China’s State Council pledged to step up support for financial markets and the ailing real estate sector, vowing to “boost the economy in the first quarter”. The government also said it would speed up the process of regulating big tech platforms, according to a summary of the meeting published by Xinhua, China’s official news agency.

The Hang Seng index had its best day since October 2008 after a sell-off of 21.3 per cent this year, while the Hang Seng Tech index gained 22.2 per cent. Shares in Tencent and ecommerce group JD.com added 23.2 per cent and 35.6 per cent respectively. Alibaba closed 27.3 per cent higher after falling for five consecutive sessions.

The stocks had suffered heavy losses over a

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