HONG KONG: Hong Kong stocks rallied more than three percent in the morning session Wednesday, led by a surge in bargain-buying of tech titans after a painful rout in the previous two days.
The Hang Seng Index jumped 3.05 percent, or 561.11 points, to 18,976.19.
Investors moved in to pick up beaten-down markets heavyweights including Alibaba, JD.com and Tencent, which have seen their valuations slashed owing to concerns about regulatory crackdowns by China as well as US authorities.
News that the southern Chinese tech hub of Shenzhen had been put into lockdown to fight a Covid outbreak compounded the crisis for the sector.
Worries about possible US sanctions if China were to help Russia in its war with Ukraine also helped fuel the selling.
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