Hong Kong Stocks Surge to Five-Week High
The Hang Seng Index jumped 2.9%, or 702 points, to 24,618 on Thursday, extending gains for a second consecutive session and reaching a five-week high. The rally was primarily driven by improved global risk appetite following Democratic victories in the US midterm elections, which fueled hopes of renewed efforts to end the Middle East conflict. Brent crude plunged more than 8% to below US$95 per barrel, easing inflation concerns, while lower US Treasury yields and a weaker dollar. Buying interest was further boosted by Wall Street’s strong rebound, with the S&P 500 rising 1.6% on Wednesday, its biggest advance in three months, while the Nasdaq 100 gained 0.9%. Domestically, Beijing’s market-stabilization efforts reinforced sentiment, as state-backed funds directed around US$11.5 billion into nine ETFs, while applications for PBOC-backed share-buyback loans exceeded CNY200 billion. Top gainers were Tencent (4.9%), Xiaomi (4.0%), Meituan (5.6%), Alibaba (2.6%), and AIA (2.4%).
The Hang Seng Index jumped 2.9%, or 702 points, to 24,618 on Thursday, extending gains for a second consecutive session and reaching a five-week high. The rally was primarily driven by improved global risk appetite following Democratic victories in the US midterm elections, which fueled hopes of renewed efforts to end the Middle East conflict. Brent crude plunged more than 8% to below US$95 per barrel, easing inflation concerns, while lower US Treasury yields and a weaker dollar. Buying interest was further boosted by Wall Street’s strong rebound, with the S&P 500 rising 1.6% on Wednesday, its biggest advance in three months, while the Nasdaq 100 gained 0.9%.
Domestically, Beijing’s market-stabilization efforts reinforced sentiment, as state-backed funds directed around US$11.5 billion into nine ETFs, while applications for PBOC-backed share-buyback loans exceeded CNY200 billion. Top gainers were Tencent (4.9%), Xiaomi (4.0%), Meituan (5.6%), Alibaba (2.6%), and AIA (2.4%).