Hong Kong's Hang Seng Index recovers lost ground with record gain amid financial stability pledge

HONG KONG, March 16 (Xinhua) -- Hong Kong's Hang Seng Index closed 9.08 percent higher on Wednesday to ascend to 20,087.5 points after hitting a new low in nearly a decade, as the authorities reassured investors that the financial hub's financial system remains stable amid global gloom.

The index jumped 1,672.42 points after tumbling to 18,415.08 points upon closing on Tuesday. It was the largest daily gain of the index since October 2008.

The Hang Seng Tech index, which represents 30 largest technology companies listed in Hong Kong, also made a comeback from a record low by closing 22.2 percent higher at 4,243.39 points, with the largest single-day surge since its launch in July 2020.

Chief Executive of China's Hong Kong Special Administrative Region (HKSAR) Carrie Lam told a news conference on Wednesday that Hong Kong's financial system, currency, and market supervision all remain stable.

The world is now in a very unstable situation with geopolitical tensions, which sent shockwaves across the world's financial markets, and Hong Kong, as an international financial hub, was inevitably affected, she said when asked to comment on the plummet in Hong Kong shares.

Lam stressed that the most important thing is that Hong Kong's financial stability and market supervision have not been affected by the recent stock market volatility, adding that the financial secretary of the HKSAR government might offer a more detailed analysis of the impact.

Also on Wednesday, the Financial Stability and Development Committee under China's State Council urged enhanced communication and coordination between the regulators of the Chinese mainland and the HKSAR to maintain the stability of the financial market in the HKSAR.