Hang Seng Index Climbs to Four-Month High Amid Beijing Stimulus

Hang Seng Index Performance & Market Reaction

Hong Kong stocks rallied for the third consecutive day, with the Hang Seng Index skyrocketing 1.3 percent to 19,379.00, marking its highest level since May 20. The Tech Index surged 3 percent, while the Shanghai Composite Index also contributed to the positive sentiment, increasing by 0.5 percent.

Key Players in the Market

E-commerce giant Alibaba advanced 1.8 percent to HK$92.95, with JD.com witnessing a 2.8 percent increase. Search-engine operator Baidu rallied 2.9 percent to HK$91.25. Sporting brand Li Ning saw a 3.6 percent rise to HK$16, while hotpot chain Haidilao matched that gain, reaching HK$15.08.

Impacts on Local Developers

Despite the overall market uptick, local developers faced challenges, notably New World Development suspending trading amid reports of CEO Adrian Cheng stepping down. Notable losses included CK Asset down 1.2 percent to HK$32.35 and Sun Hung Kai Properties declining 0.9 percent to HK$82.10.

Global Market Trends

• Japan's Nikkei 225: +2.3 percent
• Australia's S&P/ASX 200: +0.8 percent
• South Korea's Kospi: +2 percent

With the People's Bank of China's unexpected stimulus package reigniting investor confidence, hopes for revitalizing the stagnant economy are on the rise.