Hong Kong Stocks Soar to 22-Month High on Hopes of Further Stimulus Measures; Carote's Shares Surge 59% in Debut

MT Newswires Live10-02

Hong Kong stocks rallied for a sixth straight trading day, closing at a 22-month high, as investor optimism soared amid hopes of further stimulus measures from China.

The Hang Seng Index rose 6.2%, or 1,310.05 points, to finish Wednesday's trade at 22,443.73. The Hang Seng China Enterprises Index added 7.08%, or 531.48 points, to 8,041.27.

The index has seen a 23% boost in the past six trading days after China introduced policy measures aimed at stimulating its economy. The policies included 800 billion yuan of new financing facilities to buy shares and reduce borrowing costs and mortgage rates.

The surge experienced by the Hang Seng Index on Wednesday marks the largest increase in a single day since November 2022, according to a South China Morning Post report.

Contributing to the rise, e-commerce giant Alibaba (HKG:9988) gained over 4.6% at the day's close, with food delivery firm Meituan (HKG:3690) seeing a 15% boost.

The rally was further fueled by tech companies Tencent Holdings (HKG:0700) and Baidu (HKG:9888) rising 5.7% and 9.1%, respectively, with e-commerce operator JD.com's (HKG:9618) stock also surging 11%.

In corporate news, Carote (HKG:2549) made a strong trading debut on the Hong Kong bourse today, closing the day's trade at HK$9.2 per share, up 59% from its IPO price of HK$5.78 per share.

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