Stock Track | Hong Kong Tech Stocks Soar as China Unleashes Market-Boosting Measures

Stock Track10-05

Hong Kong's technology sector experienced a remarkable surge on Thursday, with the HSTECH ETF, a benchmark tracking Hong Kong-listed tech giants, skyrocketing 5.1%. This rally was fueled by a broader market euphoria, as investors cheered China's aggressive economic stimulus measures designed to revive the nation's slowing growth and bolster its equity markets.

The catalyst for this frenzy was a raft of policies unveiled by Beijing on September 24th, including substantial interest rate cuts, fiscal support packages, and a groundbreaking swap program introduced by the People's Bank of China (PBOC). This new facility grants funds, insurers, and brokers easier access to capital for trading stocks, providing a direct boost to equity market liquidity.

The impact was immediate and profound, with Chinese stocks logging their biggest single-day gains in over a decade on September 30th. Hong Kong's Hang Seng Index and the Hang Seng China Enterprises Index, which tracks major Chinese companies listed in the city, both climbed over 2% on October 4th, carrying the HSTECH ETF's tech constituents to new heights.

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