(Bloomberg) — Chinese stocks traded in Hong Kong surged by the largest margin in nearly two years, continuing their excitement fueled by recent stimulus measures as traders came back from a holiday break.
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The Hang Seng China Enterprises Index soared up to 8.4%, marking its 13th consecutive day of gains. Property developers led the way, with a sector index surging up to 31% in a single day, setting a new record for intraday growth. Meanwhile, an index tracking brokerage shares — often used as an indicator of market sentiment — shot up by 28%. Mainland Chinese markets will remain closed until October 8th for a week-long holiday.
This continued surge is driven by positive outlooks on China’s economy and risk assets following recent stimulus measures announced by authorities last week. These measures included interest rate cuts, increased liquidity for banks, and support for stock market liquidity. Additionally, four major cities relaxed restrictions on home purchases and the central bank took steps to lower mortgage rates.
The significant gains are indicative of a notable shift in investor sentiment towards…
2024-10-01 22:11:20
Source from finance.yahoo.com