Hong Kong Stocks Surge to 14-Month Peak Amid Stimulus Rally: Xi Jinping Pledges Increased Support

Shares in Hong Kong skyrocket to a peak not seen in 14 months, boosted by a stimulus rally as Chinese President Xi Jinping promises additional backing. The three-day surge has increased gains from a slump in August by 19.7 per cent, edging closer to a bull market situation.

The Hang Seng Index experienced a 4.2% rise to 19,924.58 on Thursday, reaching its highest point since August of the previous year. The Tech Index saw an impressive 7.3% increase, and the Shanghai Composite Index grew by 3.1%, surpassing the 3,000 mark for the first time since June.

Online retail behemoth Alibaba Group Holding saw a rise of 7 per cent to HK$97.75, while its competitor JD.com experienced a surge of 10 per cent to HK$98.50. The search engine company Baidu also had a rally of 7.9 per cent to HK$95.75. Athletic apparel manufacturer Li Ning leaped 15 per cent to HK$17.76, and the popular hotpot restaurant chain Haidilao increased by 18 per cent to HK$17.18.

The metropolitan's standard index has surged by 13.8 per cent in a three-day positive streak, recovering over US$232 billion in market value to domestic shares, as per Bloomberg statistics. This streak has led to a rise from a recent low in August of 19.7 per cent, very close to entering a bull market.

On Thursday, trading volume skyrocketed to HK$302 billion, marking the highest level since March 2022.