Home Business News Hang Seng surges amid China holiday as Fed holds rates overnight

Hang Seng surges amid China holiday as Fed holds rates overnight

2nd May 24 1:34 pm

While mainland China observes an extended Labour Day holiday with its stock markets closed, Hong Kong stocks rallied on Thursday, supported by gains in the banking and insurance sectors.

The Hang Seng Index added 2.50% to close at 18,207.13 points, while the Hang Seng China Enterprises Index rose by 2.60% to close at 6,437.09 points.

Equities listed on the Hong Kong Stock Exchange also benefited from the positive momentum from Mainland China, which also provided reassurance with promises of additional fiscal and monetary support, suggesting stability in the housing market, and planned economic reforms to be discussed in a key Party meeting in July.

Markets in Hong Kong and Mainland China could see further volatility as traders will be looking at the release of the Global PMI data in Hong Kong, and the Service PMI in China.

Stocks in China and Hong Kong could continue to benefit from further upside if PMI figures continue to trend on the same trajectory, indicating expanding private sector activity in Hong Kong and China. Among the index heavyweights, HSBC Holdings saw a rise of over 3%, while Ping An Insurance and AIA Group added approximately 6% and 3%, respectively.

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