Stock Track | Hong Kong Tech Stocks Rally on China Stimulus Boost

Stock Track10-04

The HSTECH ETF, an exchange-traded fund tracking Hong Kong-listed technology stocks, surged 5.10% on Thursday, riding the wave of a broader market rally fueled by China's aggressive economic stimulus measures.

Hong Kong's benchmark Hang Seng Index and the Hang Seng China Enterprises Index, which tracks major Chinese companies listed in the city, both climbed over 2% on the day. The robust gains followed a strong performance earlier this week as investors cheered Beijing's efforts to shore up its ailing economy.

On September 24, China announced a slew of stimulus policies, ranging from outsized interest rate cuts to fiscal support, in an attempt to revive economic growth. Notably, the People's Bank of China introduced a swap program allowing funds, insurers, and brokers easier access to funding for trading stocks, providing a significant boost to the equity markets.

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