HONG KONG - The Hang Seng Index in Hong Kong showed signs of recovery today, following a significant drop that resulted in a 15-month low on Monday. Amid concerns over rising interest rates and global geopolitical tensions, the index had plummeted to 14,961.18 points. However, in a recent turn of events, the market witnessed a slight resurgence with a 1.1% rise, settling at 15,125.38 points.
Hong Kong's Chief Executive, John Lee Ka-chiu, addressed the market's fluctuations, emphasizing the stability and expected behavior of the market in light of the prevailing international situation. Lee affirmed the strength and robustness of Hong Kong's financial system and pointed out the city's unique advantages, including the support from Beijing's policies.
Further backing this sentiment, Lee referenced the ongoing support from Chinese officials such as Vice-Premier Han Zheng. He also brought attention to Premier Li Qiang's advocacy for heightened capital market supervision. There are reports suggesting that Chinese authorities are contemplating measures to prop up the market, including potentially funneling funds through Hong Kong's trading link with mainland China.
Investors and market watchers are keeping a close eye on the developments, as the Hong Kong market attempts to navigate the challenges posed by the current economic and geopolitical landscape.
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