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China Stocks Jump Most Since 2008 as State Council Vows Support

  • Stocks in Hong Kong, China rally in afternoon on Xinhua report
  • Gains come after three days of intense selling as risks mount
Updated on

Stocks across Hong Kong and China staged a stunning rebound after China’s state council vowed to keep its stock market stable amid a historic rout that erased $1.5 trillion in value over the past two sessions.

The Hang Seng China Enterprises Index, which tracks mainland companies listed in Hong Kong, jumped 13% on Wednesday, its biggest gain since the global financial crisis. A gauge of Chinese tech firms soared by a record with Alibaba Group Holding Ltd. and Tencent Holdings Ltd. gaining more than 23%.