Hang Seng Soars Sharply to End at Over 13-Month Top
The Hang Seng surged 795 points or 4.2% to end at over 13-month peak of 19,925 on Thursday, after China's top leaders, including President Xi Jinping, pledged to achieve the 2024 growth target and stop declines in the housing market. The property index jumped nearly 7%, and tech climbed 7.3% following robust sales and profit forecasts from Micron Tech.
Financials and consumers also soared, after Bloomberg News said that China was considering injecting up to CNY 1 trillion of capital into its largest state lenders to boost their capacity to help economic recovery. The proposal was part of broad stimulus measures launched by the PBoC earlier this week.
Meanwhile, US futures soared, as Wall Street is on track to end Sept. on an upbeat note, ahead of upcoming data, including weekly jobless claims and the PCE index. Solid gains were widespread, coming from China Resources Land (22.7%), Haidilao Intl. (18.0%), China Overseas Land (16.3%), Chow Tai Fook Jewellery (14.6%), and KE Hlds.(14.3%). (ayu)
Source: Trading Economics