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  • The Independent

    Stock market today: Chinese shares lead gains in Asia on report of market rescue plan

    by Elaine Kurtenbach Jan 23, 2024 3 minutes
    Source: Copyright 2024 The Associated Press. All rights reserved.

    Shares were mostly higher in Asia on Tuesday, led by sharp gains in Hong Kong and Shanghai after a report said Beijing plans to put about 2 trillion yuan ($278 billion) into support to stabilize ailing Chinese markets.

    The unconfirmed report by Bloomberg cited unnamed sources. It said China plans to tap offshore funds held by Chinese state-owned enterprises and also local funds.

    Hong Kong's Hang Seng jumped 3.2% to 15,434.69 and the Shanghai Composite index was up 0.7%, at 2,776.06.

    Shanghai had retreated

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