Hong Kong stocks rise as market jitters continue

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Hong Kong stocks rise as market jitters continue

The Hang Seng Index rose as much as 1.7% on Wednesday, led by rebound in tech giants including Tencent Holdings Ltd. after Chinese state media moderated its criticism of the sector. China - Beijing A.S.S.L. surged 10% after Anta Sports Products Ltd. unveiled a massive sports investment plan.

'Today we see some technical rally, because some short-term traders may find some opportunities and are betting on technical rebound, said Steven Leung, UOB Kay Hian executive director. We are seeing many net sellers buying Tencent today - good sign for the market since they were mainland investors.

Panda selling drove the Hong Kong benchmark to the lower end of the five. That was, after a shock ban by China on profit making at tutoring companies, and stricter rules for tech firms last week. The traders are debating whether the worst of the selling is over, though some analysts warned that the new regulatory environment will push stocks lower.

The Hang Seng index advanced as much as 3.5%.

Chinese investors purchased a combined HK $2.8 billion worth of Shanghai stock on Wednesday with Shenzhen and Hong Kong trading links on Monday as of 1:59 p.m. local time, Bloomberg data shows. It's on course to be the first day of net inflow since July 16 and biggest amount since September 9.

The Bloomberg gauge tracking Macau casino operators fell from as much as 5.5% to reach the same frequency. That would be the worst day since September last year and came after Macau required Covid 19 testing for people departing the city after new cases were identified.

Wynn Macau Ltd. fell as much as 9.4%, while Galaxy Entertainment Group Ltd. lost 7.2% and SJM Holdings Ltd. fell 6.9%.