On October 7, 2024, the Hong Kong stock market saw significant gains across major indices. The Hang Seng Index (HSI) rose by 1.60%, the Hang Seng China Enterprises Index (HSCEI) increased by 2.14%, the Hang Seng Tech Index (HSTECH) surged by 3.05%, and the Hang Seng Composite Index (HSCCI) climbed by 3.54%.
The market was buoyed by strong performances in several sectors. The Asset Management & Custody Banks sector led the charge with a remarkable 26.93% increase, followed by Aerospace & Defense at 24.42%, Advertising at 20.16%, IT Consulting & Other Services at 15.45%, and Reinsurance at 13.16%.
Among individual stocks, BRAINHOLE TECH skyrocketed by an astonishing 275.94%, driven by the ongoing rally in semiconductor stocks, which have been bolstered by reduced semiconductor inventories in South Korea and positive outlooks from institutions. SENSETIME-W also saw a significant rise of 9.91%, while GALAXY ENT increased by 9.34%.
YUEXIU PROPERTY gained 6.98% after Morgan Stanley set a target price of HKD 5.48, citing the company's superior sales, profitability, and dividend prospects, supported by high-quality saleable resources and a strong land reserve pipeline.
Other notable gainers included CHINASOFT INT'L, which surged by 29.52%, and ZTE, which rose by 15.27%. CHINA JINMAO also performed well, increasing by 13.79%.
In the financial sector, CITIC saw a substantial increase of 12.88%, while CHINA RAILWAY rose by 11.30%. CHINA TAIPING gained 8.24%, and SMIC surged by 21.76%, continuing the strong performance of semiconductor stocks.
The brokerage sector also showed strength, with CICC rising by 23.11% and CMSC increasing by 28.54%.
Overall, the Hong Kong stock market experienced a robust trading day, with significant gains across various sectors and individual stocks, reflecting strong investor sentiment and positive market conditions.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments