Hong Kong Stocks Reach 14-Month Peak Amid Stimulus Rally: Xi Jinping Pledges Greater Support as Market Nears Bull Territory

Shares in Hong Kong skyrocket to a peak not seen in over a year amid stimulus surge as Xi Jinping promises further assistance. The three-day surge has seen a rise from a recent slump in August by 19.7 per cent, edging closer to a bull market status.

On Thursday, the Hang Seng Index experienced a substantial rise of 4.2 per cent, reaching 19,924.58, its peak since August of the previous year. Concurrently, the Tech Index saw a significant surge of 7.3 per cent. In addition, the Shanghai Composite Index increased by 3.1 per cent, surpassing the 3,000 mark for the first time since June.

The e-commerce behemoth, Alibaba Group Holding, saw a rise of 7 per cent, reaching HK$97.75. Its competitor, JD.com, witnessed a significant surge of 10 per cent, hitting HK$138.50, while the search engine company, Baidu, experienced a 7.9 per cent rally, reaching HK$95.75. The sports clothing manufacturer, Li Ning, leaped by 15 per cent, hitting HK$17.76. Additionally, the hotpot restaurant chain, Haidilao, enjoyed an 18 per cent increase, reaching HK$17.18.

The primary index of the city has seen a 13.8 percent increase over three consecutive profitable days, replenishing over US$232 billion worth of market value to domestic stocks, based on information from Bloomberg. This upward trend has resulted in a rise of 19.7 percent from a previous low point in August, putting it on the verge of entering a bull market.

On Thursday, the trading volume experienced a significant increase, reaching HK$302 billion, a peak not seen since March 2022.