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Hong Kong’s main stock exchange is at a 20-month high as the rally in Chinese equities sparked by Beijing’s economic stimulus measures gathers steam.
The benchmark Hang Seng index rose 6.2% on Oct. 1, bringing its gains over the past 13 trading sessions to 31% and putting the bourse at its highest level since January 2023.
The Hang Seng exchange is having its best performance since 1973 when it rose more than 70% in a 13-day stretch.
Mainland China’s CSI 300 index has risen 26.7% over the same 13 trading sessions leading into October of this year.
The surge in Chinese stocks comes as investors cheer a slew of economic stimulus measures from China’s government in Beijing.
Measures meant to revive the world’s second biggest economy include mortgage rate cuts to support the housing sector, the reduction of bank capital requirements to boost lending, and money to help companies’ buyback their own stock.
Hong Kong stocks with real estate exposure throughout China were particularly strong during the Oct. 1 trading session, with Longfor Group Holdings rising 24.7% and Hang Lung Properties increasing 13.6%.
Chinese equities continue to rally despite rising geopolitical concerns after Iran bombed Israel, developments that have weighed on other stock markets around the world.
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