Hong Kong stocks gain the most in 2 weeks after Fed’s Powell signals rate cut next month
Mainland developers Longfor, Vanke and China Resources Land jump after Shanghai eases property-buying rules
The Hang Seng Index closed nearly 2 per cent higher at 25,829.91, the biggest gain in two weeks. The Hang Seng Tech Index rose 3.1 per cent.
On the mainland, the CSI 300 Index gained 2.1 per cent, the most since 2022. The Shanghai Composite Index strengthened 1.5 per cent to hit a fresh 10-year high. The combined turnover on the Shanghai, Shenzhen and Beijing exchanges exceeded 3 trillion yuan (US$419.3 billion) for the first time since October 8 and only the second time ever. Volumes rose more than 600 billion yuan from the previous session.
Mining firm Zijin Mining surged 6.4 per cent to HK$24.34, while search-engine leader Baidu added 6.3 per cent to HK$91, online games provider NetEase climbed 6 per cent to HK$217.60. E-commerce giant Alibaba Holding Group climbed 5.5 per cent to HK$124.50 and peer JD.com advanced 4.3 per cent to HK$126.60.
Longfor Group surged 5.2 per cent to HK$11.28, while China Vanke jumped 9.9 per cent to HK$5.68 and China Resources Land advanced 1 per cent to HK$31.76.
Limiting gains, Carmaker Geely Automobile Holdings slipped 1.4 per cent to HK$19.71, while handset components manufacturer BYD Electronic fell 0.8 per cent to HK$39.18.