Share this @internewscast.com

A scene outside Alibaba’s headquarters in Hangzhou, China, earlier this year.

Photo: Qilai Shen/Bloomberg News

HONG KONG— Alibaba Group Holding Ltd. BABA 2.93% and other Chinese technology stocks jumped by double-digit percentages, leading a broader market rally, on investor hopes that the government would do more to support the sector and the broader economy.

The surge on Friday helped Chinese shares recoup some of their recent losses, while the yuan also clawed back some ground against the dollar after sharply selling off in recent sessions.

The Politburo, China’s top policy-making body, said in a meeting Friday chaired by President Xi Jinping that the government should roll out policies to support the economy, stabilize consumption and invest effectively to support growth, according to the state-run Xinhua News Agency.

Policy makers said they would step up support and strive to hit this year’s target of 5.5% gross domestic product growth, even as Covid-19 outbreaks and the Russia-Ukraine war have increased the challenges facing the Chinese economy. Many economists and analysts have said the growth target would be hard to achieve, with many major cities in lockdown due to China’s zero-Covid policy.

Hong Kong’s Hang Seng Index gained 4%, while the Hang Seng Tech Index surged 10%, with shares in tech companies such as Alibaba, Tencent Holdings Ltd. , JD.com Inc. and Meituan 3690 15.51% all rising by more than 10%.

In mainland China, the CSI 300 and Shanghai Composite indexes both rose about 2.4%. The onshore yuan strengthened against the U.S. dollar, rising to 6.6175 yuan per dollar after settling at 6.6590 per dollar Thursday.

Write to Rebecca Feng at rebecca.feng@wsj.com and Dave Sebastian at dave.sebastian@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Source: WSJ

Share this @internewscast.com
You May Also Like

Poll published in Portuguese newspaper A Bola reveals 70% of readers want Cristiano Ronaldo DROPPED

Portuguese newspaper A Bola has published a poll revealing 70 per cent…

Do you think a 4-day work week is a good idea or bad idea?

Is a 4-day work week better than 5? (Copyright 2022 by WJXT…

“Targeted” attacks cause North Carolina power outage

“Targeted” attacks cause North Carolina power outage – CBS News Watch CBS…

WaPo ‘Immediately’ Confirmed Hunter’s Laptop After Discrediting It for 532 Days

The Washington Post’s top fact checker, Glenn Kessler, claimed on Monday the Post “immediately went to…

Foggy start to the day, warm week ahead

A foggy start then mostly cloudy to partly sunny skies with near…

Sarasota’s “Shop With A Cop” Set For Saturday, December 10, 2022

SARASOTA, Fla. – The Sarasota Housing Authority, Sarasota Police Department, Target, and…

Lakeland drag performer vows to keep going after Neo-Nazi protest at event

LAKELAND, Fla. (WFLA) — It was almost showtime Saturday night at ART/ifact…

California lawmakers target big oil profits

() — Paying under $5 a gallon for regular gas would feel like…

Mice infestation at Knox County school has officials scurrying for a solution

KNOXVILLE, Tenn. (WATE) — A mice infestation at Hardin Valley Elementary School…

ADA Kevin Etherington Charged with Child Porn Possession

Kevin Etherington (OSBI) A 53-year-old ex-prosecutor in Oklahoma is facing multiple felonies…

Shooting Threats at the First Stop – Scioto County Daily News

Page 1 of 4 Shooting Threats at the First Stop A man…

Indonesia’s Parliament votes to ban sex outside of marriage

JAKARTA – Indonesia’s Parliament unanimously passed a long-awaited revision of the country’s…