Wednesday, 28 July 2021 06:25

Stocks in Hong Kong rebound as rest of Asia sells off Featured

SYDNEY, NSW, Australia — The beleaguered Hong Kong index, the Hang Seng finally corrected higher on Wednesday, after a relentless 3-day mini-crash.

"There hasn’t been a single two-day decline (for the Hang Seng index) since the Financial Crisis that has exceeded the magnitude of the last two days," analysts at Bespoke Investment Group wrote in a note, according to a CNBC report.

The key index was ahead more than 200 points approaching the close on Wednesday.

Stocks elsewhere in Asia were on the nose. China’s Shanghai Composite declined 19.59 points or 0.58 percent to finish at 3,361.59.

The Nikkei 225 in Tokyo shed 388.56 points or 1.39 percent to close at 27,581.66.

The Australian All Ordinaries gave up 54.40 points or 0.71 percent to 7,649.60.

The U.S. dollar was little moved in the Asian trading zone. The euro edged up to 1.1811. The British pound was a fraction firmer at 1.3894. The Japanese yen was little changed at 109.89. The Swiss franc too barely moved at 0.9149.

The Canadian dollar was steady at 1.2576. The Australian dollar was unmoved at 0.7352. The New Zealand dollar traded in a tight range, last fetching 0.6959,

Overnight on Wall Street, the Nasdaq Composite finished down 180.14 points or 1.21 percent at 14,660.58.

The Standard and Poor’s 500 fell 20.81 points or 0.47 p[recent to 4,401.49.

The Dow Jones index was the least impacted, declining 85.79 points or 0.24 percent to 35,058.52.