Hong Kong equities soar on China stimulus; property, financial stocks lead rally
HONG KONG, Oct 2 (Reuters) -Chinese property and financial companies led rally in Hong Kong stocks on Wednesday, as Beijing's stimulus measures and easier home purchase rules continued to buoy sentiment.
** The benchmark Hang Seng Index .HSI rose 6.2% to 22,443.73 - the biggest one-day pct gain since November 2022, extending gains to the sixth straight session
** Chinese H-shares .HSCE surged 7.08% to 8,041.27, Hang Seng Tech Index .HSTECH rose 8.53% to 5,157.08, IT stocks .HSCIIT gained 6.09% and the Hang Seng index tracking energy shares .HSCIE added 4.41%
** The Hong Kong market reopened after the National Day holiday on Tuesday; mainland Chinese markets were shut for the week-long Golden Week holiday
** "In China, the property situation seems to have stabilised, which may well act as a catalyst for stocks, many of which are currently very attractively priced," AllianzGI said. "We would expect a more favourable environment in Q4 2024 for Chinese equity markets."
** Hang Seng Mainland Properties Index .HSMPI jumped 14.88% to 1,694.65, with Yuexiu Property 0123.HK soaring 26.57%, Longfor Group 0960.HK climbing 24.73%, China Overseas Land 0688.HK surging 15.08% and China Resources Land 1109.HK gaining 10.47%
** Global traders prepared to bet on China again, in a major sentiment shift sparked by Beijing's drive to reverse its economic slowdown and revive long-term interest in its stock markets, while Chinese investors rushed to open accounts to trade on fear of missing out on the epic rally
** Hang Seng Composite Index tracking financial stocks .HSCIF added 5.69%, with China Merchant Securities 6099.HK soaring 81.32%, China Securities 6066.HK surging 47.96%, GF Securities 1776.HK rising 33.58% and Guotai Junan 1788.HK gaining 40.15%
** Around the region, MSCI's Asia ex-Japan index .MIAPJ0000PUS was firmer by 1.39%, while Japan's Nikkei index .N225 dropped 2.18%
** Top gainers among H-shares were Longfor 0960.HK, up 24.73%, followed by China Overseas Land 0688.HK and Meituan 3690.HK up 15.08% and 14.65%, respectively
China & Hong Kong stocks make a comeback https://reut.rs/3TRv9rk
China & Hong Kong stocks make a comeback https://reut.rs/3TQvYjX
Reporting by Hong Kong newsroom; Editing by Sumana Nandy
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