Hong Kong Stocks Rebound on Property Sale Spike; GCL Technology Soars 20%

MT Newswires Live10-25

Hong Kong stocks rebounded to close the week in green as investor sentiment reflected optimism amid a surge in property sector sales.

The Hang Seng Index soared 0.49%, or 100.53 points, to close Monday's trade at 20,590.15. The Hang Seng China Enterprises Index added 0.35%, or 26.12 points, to 7,385.26.

Positive momentum in the Chinese real estate sector bolstered stock prices, with residential pre-sales across 30 Chinese cities seeing a 22% boost from the previous week, the SCMP reported Friday citing Wind.

Sales in first-tier cities jumped 27% week-over-week, while sales across the country ballooned 58% in just a week.

The improvement in homebuyer confidence is in line with China's fiscal support measures focusing on aiding the struggling property sector.

In corporate news, GCL Technology (HKG:3800) surged 20% Friday. Stocks of Chinese polysilicon manufacturers surged following expectations that China will curtail production to deal with excess supply.

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