Hong Kong Recoups Some of Week’s Loss
HONG KONG — A key gauge of prices on the Hong Kong stock market jumped 5.8% Friday in busy trading, recouping some of the week’s losses.
The market has been battered by worries about rising antagonism between China and Britain over the colony’s future.
Bargain hunters pushed the Hang Seng index of blue chip stocks up 289.89 points to close at 5,268.10. That wiped out three-fourths of Thursday’s 433-point fall but still left the market down 718 points, or 12%, for the week.
Volume was $702 million, up from Thursday’s $684 million.
The market has swung wildly after Chinese threats that any contracts, leases or agreements signed by the British Colonial government but not approved by Beijing won’t be honored by the Chinese after they take over Hong Kong in 1997.
Investors worry that Beijing won’t keep its 1984 promise to guarantee the territory a high degree of political and economic autonomy for 50 years after the takeover.
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