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Tencent, Alibaba jump over 20% as govt assures stability and support

The HSI surged more than 9 per cent to above the 20,000-point mark

Photo: Bloomberg
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Reuters
Hong Kong stocks jumped 9 per cent on Wednesday to mark their best day since 2008, after China’s top policymaker assured markets of stability and support and helped put a floor under sectors hurt by a regulatory crackdown.

Vice Premier Liu He said Beijing would roll out support for the Chinese economy as well as be cautious with measures for capital markets.

The comments came a day after China stocks slumped to 21-month lows and mainland firms listed in Hong Kong plumbed 2008 lows. Liu’s assurances helped the Hang Seng index claw back all the ground lost on Tuesday and more. The

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