Hang Seng Index: A 13% Surge Amid China's Strategic Stimulus Measures
Saturday, 28 September 2024, 20:05
US Equity Markets and Economic Indicators
The US equity markets ended the week of September 27 with positive gains. Notably, the Dow climbed to an all-time high of 42,630 before settling at 42,246, up by 0.55%. The Nasdaq Composite Index advanced by 0.95%, while the S&P 500 gained 0.62%.
China's Stimulus Impact on Markets
It was a pivotal week for Hong Kong and Mainland China’s equity markets. Following the People’s Bank of China (PBoC) cutting the Reserve Requirement Ratio and lowering mortgage rates, investor confidence surged following several new policy announcements.
Hang Seng Index Performance
- Hang Seng Index surged by 13%, its highest level since May 2023.
- Mainland Properties Index increased by 30.64%.
- Real estate sector stocks like Longfor and Shimao saw unprecedented gains.
Technological Sector Gains
- Hang Seng Tech Index also saw a notable rise of 20.23%.
- Key tech players like Baidu and Alibaba experienced positive momentum.
Commodities and Broader Market Reactions
- Iron ore prices leaped by 15.62% reflecting optimism in demand.
- Global commodities like gold climbed alongside the Hang Seng Index surge.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.