Hong Kong stocks rebounded on Thursday and rose 876.23 points, or 3.73 percent to close at 24, 392.79 points, following the nosedive on Wednesday.
The region's stock market had been volatile since Monday and saw the biggest single day decline on Wednesday, when the benchmark Hang Seng Index slumped more than 2,000 and went below 23,000 points. The index regained Thursday and climbed over 1,000 points in the morning, reaching 24,695 points, the highest of the day. Turnover totaled 212.07 billion HK dollars (about 27.36 billion U. S. dollars). The Hang Seng China Enterprises Index moved up 339.07 points, or 3.05 percent, to close at 11,446.37 points.
All of the four sub-indices gained ground. Both the Properties and the Commerce & Industry sub-indices grew more than 4.4 percent, the Finance increased 3.17 percent, the Utilities added 1.82 percent. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, gained 3.04 percent to 67.75 HK dollars.
Bank of East Asia, one of the largest local banks in Hong Kong, grew 2.26 percent to close at 31.6 HK dollars. Local bourse operator HKEX rocketed 14.84 percent to 233.6 HK dollars. China Mobile, China's dominant mobile carrier, rose 1.82 percent to 91.6 HK dollars. China Unicom, another Chinese telecom giant, surged 8 percent to 10.8 HK dollars. Local property stocks closed up. Sun Hung Kai, one of Hong Kong 's largest property developer by market value, rose 3.99 percent to 119.7 HK dollars. Henderson Land increased 3.46 percent to 50.7 HK dollars. CKH Holdings gained 3.23 percent to 108.6 HK dollars.
Mainland-based financial stocks moved down in general. Bank of China lowered 0.69 percent to close at 4.3 HK dollars. China Construction Bank fell 0.31 percent to 6.37 HK dollars. ICBC rose 0.36 percent to 5.52 HK dollars. Bank of Communication plunged 5. 26 percent to 7.2 HK dollars.
As for energy stocks, China's top refiner Sinopec lowered 0.48 percent to 6.13 HK dollars. PetroChina, the country's largest oil and gas producer, increased 0.75 percent to 8.02 HK dollars. CNOOC gained 3.32 percent to 9.96 HK dollars.
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