Hong Kong Stocks Rise More Than 3% In Afternoon

Hong Kong, Dec 8 (UrduPoint / Pakistan Point News - 8th Dec, 2022 ) :Hong Kong stocks rose more than three percent Thursday afternoon, virtually wiping out the previous day's losses, on hopes for China's reopening and reports that the city was considering easing more Covid restrictions.

The Hang Seng Index rose 3.16 percent, or 549.71 points, to 19,409.53.

Various outlets said authorities were looking at easing testing requirements for travellers, among other things, raising hopes for a boost to the tourism industry.

The news comes as the HSI was already rallying on China's decision to roll back some of its strict Covid measures that have strangled the economy, though the index lost 3.22 percent Wednesday on concerns that the reopening could spark a surge in infections.

Macau casinos led the rally, with Wynn Macau soaring around 20 percent, MGM China up about 12 percent and Sands China 10 percent higher.

Tech firms and property firms were also enjoying strong buying interest.