Hong Kong shares hit 2-1/2-year high ahead of China's return
Hang Seng hits highest since February 2022
SMIC soars 20%; casinos, Citic surge
China markets return from holiday a crucial test
SINGAPORE, Oct 7 (Reuters) -Hong Kong shares hit their highest in more than two years on Monday, with stocks in tech and tourism surging before steadying as markets awaited the return of China's investors from a week-long holiday.
The Hang Seng .HSI rose more than 2% to 23,241.74 in early trade, its highest since early 2022. Volumes were well below last week's 15-year highs and the market drifted to 22,866 amid some anxiety about the resumption of trading on the mainland.
China's stock, bond and currency markets resume trade on Tuesday and the open is keenly anticipated as a signal of whether a blistering pre-holiday rally is on solid ground.
Markets had gone to last week's break on an historic tear thanks to the most aggressive stimulus measures since the pandemic. Authorities cut rates and hinted at fiscal support to shore up an economy that, by Chinese standards, is ailing.
"Mainland investors displayed immense enthusiasm by opening accounts on a large scale during the holiday, which seems unabated," said Kenny Ng, strategist at China Everbright Securities International in Hong Kong. He expects a roaring gain of 7-10% on Tuesday, and then a test beyond that.
"The sustainability of the A-share market's rise starting from Wednesday will have a significant impact on the Hong Kong stock market and overall investor confidence," he said.
Signs of persisting euphoria abounded on Monday.
Shares in chipmaker SMIC 0981.HK shot more than 20% higher on bets that government backing will be directed at the sector. The stock is up nearly 60% in two sessions.
Travel-exposed Macau casino operators logged large gains, with Sands China 1928.HK and Galaxy Entertainment 0027.HK each up more than 7%.
State-owned conglomerate Citic 0267.HK rose 9% to its highest in a year and a half.
China's blue-chip CSI300 Index .CSI300 soared 25% over five sessions, its strongest gain for such a period on record as frenzied buying strained brokers and trading systems.
On Sept. 30, the index and the Shanghai Composite .SSEC notched their biggest single-day percentage gains since 2008. China-focused hedge funds are reporting explosive returns.
The rally has taken the Hang Seng from an also-ran to the top-performing major market so far this year, with a 33% gain running ahead of a 21% rise for the S&P 500 .SPX.
China stocks rally strongly https://reut.rs/3ZQNtV0
China's benchmark stock index logs biggest daily gain since 2008 https://reut.rs/4dmrDfq
Reporting by Tom Westbrook; Editing by Jacqueline Wong
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
