Advertisement

Updated February 8th, 2024 at 07:46 IST

Chinese stocks surge after appointment of new securities regulator

Hong Kong's Hang Seng Index dipped 0.1 per cent, influenced by a 5 per cent decline in Alibaba Group Holding, which missed analysts' revenue estimates.

Business Desk
Chinese stocks rise
Chinese stocks rise | Image:Unsplash
Advertisement

Chinese stocks rise: China stocks rose in early trading on Thursday following Beijing's appointment of a new head of the securities regulator. Wu Qing, a seasoned regulator known for taking tough actions, replaced Yi Huiman as chairman of China Securities Regulatory Commission (CSRC).

This move comes as Chinese policymakers endeavor to stabilize the country's stock markets, which have recently been hovering near five-year lows despite various supportive policies aimed at boosting investor confidence. 

Advertisement

The CSI 300 Index, representing China's blue-chip stocks, edged up 0.2 per cent amid speculation about the sustainability of the recent rebound without additional stimulus measures. 

In contrast, Hong Kong's Hang Seng Index dipped 0.1 per cent, influenced by a 5 per cent decline in Alibaba Group Holding, which missed analysts' revenue estimates for the third quarter.

Advertisement

(With Reuters Inputs)

Advertisement

Published February 8th, 2024 at 07:46 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Whatsapp logo