Hong Kong stocks surge on China zero-Covid hopes

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Hong Kong stocks jumped more than five percent Friday, building on a rally this week fuelled by speculation China will begin winding back some of its strict zero-Covid policies.

Reports of progress in US auditing of Chinese firms listed in New York also provided support to traders, easing concerns over a possible delisting of giants such as Alibaba and Tencent.

The Hang Seng Index Soared 5.36 percent, or 821.65 points, to 16,161.14 — giving it a gain of nearly nine percent over the week.

The Shanghai Composite Index climbed 2.43 percent, or 72.99 points, to 3,070.80, while the Shenzhen Composite Index on China’s second exchange gained 2.68 percent, or 52.78 points, to 2,020.16.—APP

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