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.
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.
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.
(With Reuters Inputs)
Published February 8th, 2024 at 07:46 IST