[Image source = AP Yonhap News] Hong Kongs Hang Seng index showed a strong rebound and rose by 8%. Hong Kongs Hang Seng index closed down 6% the day before, its lowest level since February 2016. However, it reversed its upward trend in just one day and recorded 19,947.44, up 8.31% as of 4:36 Korean time on the same day. On the 16th (local time), Tencents stock price surged 23.02% and Alibabas 25.47% soared. The Hang Seng Tech index rose 21.14%. Chinas Shanghai Composite Index rose 3.46% and Shenzhen Index surged 3.99%, showing a strong upward trend. The rise on the day was driven by Chinese state-run media expressing support for Chinese stocks. According to reports, at a financial stability meeting chaired by Deputy Prime Minister Liu He, Chinese regulators are known to be pursuing a plan to cooperate with Chinese stocks listed in the United States. It is reported that the Chinese government will support Chinas listing on foreign stocks and work to stabilize Hong Kongs financial market and real estate. Meanwhile, Japans Nikkei 225 index closed 1.74% higher and the Topix index rose 1.62% on the same day.
