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Hong Kong stocks rocket past 22,000 on China stimulus
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Pedestrians walk past a sign showing the Hang Seng stock market index in Hong Kong, China, on Sept. 27, 2024. (AFP/Peter Parks)
S
hares jumped more than 4 percent in Hong Kong on Wednesday to break the 22,000 mark for the first time since February last year as traders resumed a China stimulus-fueled rally following a one-day holiday.
The Hang Seng Index surged 4.40 percent, or 929.70 points, to 22,063.38.
Traders in the city and mainland bourses have been rushing to snap up stocks since China last week began unveiling a raft of measures aimed at kickstarting the country's struggling economy, with an emphasis on the real estate sector.
Developers were again the big winners in Wednesday's surge, with Sunac China Holdings and Kaisa Group up around 40 percent and Agile Group surging nearly 70 percent higher.
Tech firms were also well bought, with ecommerce giant JD.com rallying more than 11 percent, Meituan piling on more than 12 percent, and market heavyweight Alibaba more than five percent up.
Markets in Shanghai and Shenzhen were closed for a week-long holiday.
