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Hang Seng rallies on reports that Lam will withdraw extradition bill

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Hang Seng rallies on reports that Lam will withdraw extradition bill

Hong Kong's Hang Seng jumped as media reports suggested that the former British colony will officially withdraw a contentious extradition bill Sept. 4 that resulted in three-month-long protests.

Hong Kong leader Carrie Lam is set to meet all pro-establishment lawmakers later in the day, the South China Morning Post reported, citing sources. Reuters also reported that the proposed bill will be withdrawn later today to de-escalate the tensions.

The Hang Seng index was trading 3.7% higher as of 3:24 p.m. local time.

While the Hong Kong government indefinitely suspended the bill in June, and Lam described it as "dead" in July, there were concerns that the government could still revive the law since it was not completely withdrawn.

The complete withdrawal of the bill was one of the five demands of the protesters.

Recent reports suggest that Lam said she would quit, if given a choice. However, she clarified later that she "never tendered a resignation" with the Chinese government, and it was her choice to stay in the job.