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Hong Kong stocks extend gains on China stimulus, easier home purchase rules
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Hong Kong stocks extend gains on China stimulus, easier home purchase rules
Oct 2, 2024 10:43 PM

HONG KONG, Oct 2 (Reuters) - Hong Kong shares rose

on Wednesday, putting them on track for a sixth straight session

of gains, as investors cheered China's stimulus measures and

easier home purchase rules.

** By the midday break, the benchmark Hang Seng Index

was up 6% at 22,401.74, and Chinese H-shares listed in Hong Kong

surged 7.21% to 8,051.39. The Hang Seng Index hit its

highest level since January last year earlier in the session.

** The Hong Kong market reopened after the National Day

holiday on Tuesday, while mainland Chinese markets are shut for

the week-long Golden Week holiday.

** "While the large-scale policy measures announced over the

past week are not designed to provide an immediate boost to

economic growth, investors will likely look for early signs of

improving confidence in consumer spending during the Golden Week

holidays (1-7 October)," BNP Paribas said in a research note.

** Around the region, MSCI's Asia ex-Japan stock index

was firmer by 1.57% while Japan's Nikkei index

was down 1.65%.

** The top gainers among H-shares were Longfor ( LNGPF ), up

28.86%, followed by Meituan ( MPNGF ), up 14.94%, and Ping An

Insurance, which advanced 13.26%.

** Hang Seng Tech Index rose 8.72% to 5,166.09 and

Hang Seng Mainland Properties Index jumped 14.68% to

1,691.67. The Hang Seng index tracking energy shares

rose 4.1% while IT stocks rose 6.2%.

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