Stock market today: Chinese shares lead gains in Asia on report of market rescue plan
ABC News
Shares are mostly higher in Asia, led by sharp gains in Hong Kong and Shanghai after a report said Beijing plans to put about 2 trillion yuan ($278 billion) into support to stabilize ailing Chinese markets
BANGKOK -- Shares were mostly higher in Asia on Tuesday, led by sharp gains in Hong Kong and Shanghai after a report said Beijing plans to put about 2 trillion yuan ($278 billion) into support to stabilize ailing Chinese markets.
The unconfirmed report by Bloomberg cited unnamed sources. It said China plans to tap offshore funds held by Chinese state-owned enterprises and also local funds.
Hong Kong's Hang Seng jumped 3.2% to 15,434.69 and the Shanghai Composite index was up 0.7%, at 2,776.06.
Shanghai had retreated on selling by investors disappointed by China’s decision to keep the loan prime rate unchanged despite concern over the outlook for the economy, which is forecast to slow further after a post-pandemic recovery faded more quickly than expected.
Shanghai's benchmark fell 2.7% on Monday. It has been trading at its lowest levels since 2019. The Hang Seng was down about 12% so far this year as of Monday’s close.
