Hong Kong stocks rise around 3% after reports say city is considering Covid rule easing

CNBC – UPDATED THU, DEC 8 20223:21 AM EST

Hong Kong’s Hang Seng index popped on Thursday, as a local news outlet reported the city is considering further easing of Covid measures, including lifting its outdoor mask rule and relaxing mandatory testing for arrivals.

The Hang Seng index closed 3.38% higher at 19,450.23, and the Hang Seng Tech index added 6.64% — bucking the trend in the wider Asia-Pacific region, which were weighed down by continued recession fears.

In mainland China, the Shenzhen Component dipped 0.254% to close at 11,389.79 while the Shanghai Composite was about flat at 3,197.35.

In Japan, the Nikkei 225 was down 0.4% and closed at 27,574.43, while the Topix was 0.35% lower at 1,941.50. South Korea’s Kospi lost 0.49% to 2,371.08. In Australia, the S&P/ASX 200 fell 0.75% to 7,175.50. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.96%.

U.S. stocks also fell overnight, with the S&P 500 posting a fifth straight day of declines.

Source: https://www.cnbc.com/2022/12/08/asia-markets-trade-data-stocks-oil-economy-china-covid-recession.html