Hong Kong stocks snapped a four-day run of losses, as official data showing sluggish economic growth in China bolstered the case for the government to roll out additional measures to reach the annual target. Details from the central bank about the relending programme for stock buy-backs acted as a catalyst.
The Hang Seng Index surged 3.6 per cent to 20,804.11 at the close, paring the loss for the week to 2.1 per cent. Eighty out of the 82 members on the benchmark gained, indicating a broad-based recovery in sentiment. The Hang Seng Tech Index climbed 5.8 per cent.
Benchmarks on the mainland also advanced. The CSI 300 Index rallied 3.6 per cent and the Shanghai Composite Index rose 2.9 per cent.
China’s economy grew by 4.6 per cent in the third quarter, the National Bureau of Statistics said on Friday, decelerating from the 4.7 per cent increase in the previous three-month period. The data was almost in line with the projection of…
