Mon, 03 Oct 2022

SYDNEY, Australia - Stocks in Hong Kong soared on Wednesday after Hong Kong leader Carrie Lam indicated the extradition bill which has divided the Chinese-controlled province and caused massive unrest and protests, is to be withdrawn.

The power of the people ultimately gave way to puncture the crisis that had engulfed the Hong Kong people and its government.

As Hong Kongers, particularly those who had joined the protests breathed a sigh of relief, so too did investors, who voted with their pockets, weighing ion to local stocks.

At the end of the day Wednesday the Hang Seng index had soared 995.38 points or 3.90% to 26,523.23.

The jubilance in Hong Kong spread throughout Asia, and all the markets joined in the buying.

The Nikkei 225 rose 23.98 points or 0.12% to 20,649.14.

The Shanghai Composite jumped 27.26 points or 0.93% to 2,957.41.

Only the Australian All Ordinaries spoiled the party, with the All Ordinaries falling 17.40 points or 0.26% to 6,656.10.

Overnight on Wall Street, the Dow Jones index was down 285.26 points or 1.08% at 26,118.02.

The Nasdaq Composite shed 88.72 points or 1.11% to 7,874.16.

The Standard and Poor's 500 slid 20.19 points or 0.69% to 2,906.27. the formal withdrawal of an extradition bill that triggered months of unrest and has thrown the Chinese-controlled city into its worst crisis in decades, Cable TV and other media said.

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