Many reasons for the sell-off at the beginning of the week have not yet been ticked off.
(Photo: Bloomberg)
Beijing Hong Kong and mainland stock markets rose sharply for the second straight day on Thursday. The recovery was mainly driven by tech stocks. The Hang Seng tech index rose 7.8 percent, virtually erasing the historic plunge of the past few days.
The Hang Seng China Enterprises Index also gained 7.6 percent. Chinese stocks listed in the US also posted the strongest rise since at least 2001. The Nasdaq Golden Dragon Index was up 33 percent on Wednesday.
The reason for the strong recovery was official statements from China to stabilize financial markets, support real estate and technology companies and stimulate the economy. They also signaled good progress in the dispute with the US over the disclosure requirements of Chinese public companies listed in New York.
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