The Hang Seng Index jumped 1.7 per cent to 17,962.64 at the local noon trading break, the highest level since October 12. The Tech Index rallied 3.7 per cent while the Shanghai Composite Index added 0.9 per cent.
Tencent gained 2.8 per cent to HK$311.20, while Alibaba Group advanced 2 per cent to HK$84.50 and e-commerce peer JD.com climbed 3.7 per cent to HK$106.90. Gains were broad-based, with insurer AIA rising 3.2 per cent to HK$73.15, developer Longfor surging 6.2 per cent to HK$12.70, and Sunny Optical Technology rallying 6 per cent to HK$72.95.
09:07
HKMA to mark 30th anniversary with global financial heavyweights summit, says CEO Eddie Yue
HKMA to mark 30th anniversary with global financial heavyweights summit, says CEO Eddie Yue
“Confidence is recovering with the expectations for the economy to improve,” said Shen Chao, a strategist at HSBC Jintrust Fund Management in Shanghai. “Fiscal policy has been ramped up and monetary policy continues to stay loose.”
China’s top fund managers lend support for stocks amid rampant foreign selling
China’s top fund managers lend support for stocks amid rampant foreign selling
Today’s market advance followed the biggest weekly rally in the S&P 500 Index in New York, with strong corporate earnings and lower Treasury yields signalling growing expectations for an end to the Fed’s hiking cycle.
Elsewhere, China International Capital Corp jumped 8,7 per cent to HK$13.80, leading gains among Chinese brokerages after the nation’s securities regulator said that it would support mergers and acquisitions to build world-class investment banks. Citic Seurities surged 7 per cent to HK$16.72 and Haitong Securities rose 4.9 per cent to HK$4.71.
Major Asian markets rallied on Monday. South Korea’s Kospi jumped 4.1 per cent after the nation banned short selling of stocks, while Japan’s Nikkei 225 climbed 2.4 per cent and Australia’s S&P/ASX 200 added 0.4 per cent.