Stock Track | Invesco China Tech ETF Soars in Pre-Market on Broad Chinese Market Rally

Stock Track09-30

The Invesco China Technology ETF (CQQQ) surged over 9% in pre-market trading on Monday, as the broader Chinese stock market witnessed its biggest rally since 2008. The Shanghai Composite Index soared around 8%, boosted by better-than-expected manufacturing data and growing expectations of stimulus measures from the government.

Investor sentiment was buoyed by China's official NBS Manufacturing PMI rising to 49.8 in September, up from August's six-month low of 49.1. The index has rallied around 20% from recent lows, entering technical bull market territory. The blue-chip CSI 300 Index also gained 8.5%, while the Hang Seng Index in Hong Kong rose 2.4%.

The strong rally comes amid hopes that the Chinese government will announce significant stimulus measures to support the economy. Last week, the People's Bank of China lowered interest rates and reserve ratio requirements for banks, while also ordering lenders to reduce mortgage rates for existing home loans to support the property sector.

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