Hong Kong Stocks Set for Longest Winning Streak Amid Optimism

Tuesday, 29 October 2024, 02:23

Hong Kong stocks are experiencing a notable upswing, positioning the city's benchmark for its longest winning streak in four weeks. This positive trend is driven by optimism surrounding corporate earnings growth and upcoming fiscal stimulus measures from the National People's Congress. The Hang Seng Index and Hang Seng Tech Index have shown significant gains, attracting investor attention.
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Hong Kong Stocks Set for Longest Winning Streak Amid Optimism

Hong Kong Stocks Thrive

The latest surge in Hong Kong stocks has put the city's benchmark on track for its longest winning streak in four weeks.

Market Performance

  • Hang Seng Index climbed by 0.6% to 20,722.26 as of 10.04am local time.
  • Hang Seng Tech Index gained 1.7%.

On the mainland, major indices varied, with the CSI 300 Index slipping by less than 0.1% and the Shanghai Composite Index retreating 0.1%.

Corporate Earnings Outlook

  • Wuxi AppTec, a biopharmaceutical firm, rose 3.2% after beating revenue estimates.
  • HSBC Holdings advanced 1.2% ahead of its earnings release.
  • Xinyi Solar Holdings gained 4.1% as investors react positively to their performance.

Anticipated Government Actions

Investors are also preparing for the upcoming meeting of the National People's Congress Standing Committee, expected to approve fiscal stimulus measures.

Debuts Shatter Expectations

  1. LAPLACE Renewable Energy Technology surged 324% during its debut in Shanghai.
  2. XinjiKeli New Technology Development jumped 422% in Beijing.

Regional Market Snapshot

In broader Asia-Pacific markets, the Nikkei 225 climbed 0.6%, the S&P/ASX 200 increased by 0.4%, while South Korea's Kospi retreated 0.5%.


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.


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