Hong Kong shares rise on easing bank contagion fears, China slides

To the actions in Hong Kong rose on Tuesday as investor fears of deeper banking stress eased after Silicon Valley Bank secured a buyer.

Chinese stocks, however, were pressured lower by information technology companies.

Hong Kong’s Hang Seng Index rose 1.11%. The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 0.32%, while the Shanghai index fell 0.19%.

US regional bank First Citizens BancShares acquired Silicon Valley Bank’s assets on Monday, allaying investor fears of deeper stress in the banking sector and sending bank stocks higher while global shares also rose.

Actions Hong Kong-traded financials rose 1.4%, with HSBC Holdings and AIA Group up 1.9% and 1.6% respectively.

The regulator of cyberspace China pledged on Tuesday to crack down on malicious online comments that damage the reputations of companies and entrepreneurs, amid an official campaign to bolster the private sector and spur economic growth.

Shares in China’s computing, communications equipment and media sectors fell between 1.6% and 3%, after each jumped more than 30% this year amid a frenzy fueled by revolutionary ChatGPT computing technology.

. In TOKYO, the Nikkei index advanced 0.15% to 27,518 points.

. In HONG KONG, the HANG SENG index rose 1.11% to 19,784 points.

. In SHANGHAI, the SSEC index lost 0.19% to 3,245 points.

. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell 0.32% to 3,999 points.

. In SEOUL, the KOSPI index appreciated by 1.07%, at 2,434 points.

. In TAIWAN, the TAIEX index fell by 0.81% to 15,701 points.

. In SINGAPORE, the STRAITS TIMES index gained 0.51% to 3,255 points.

. In SYDNEY, the S&P/ASX 200 index advanced 1.04% to 7,034 points.