Shares of Hong Kong Exchanges and Clearing (HKEX) skyrocketed on Tuesday, surging by 16.25% as mainland Chinese investors went on a buying spree ahead of the National Day holiday in China. The stock's sharp rally was fueled by heavy purchases from traders based in mainland China, who ramped up their buying of Hong Kong stocks in the lead-up to the week-long break.
According to reports, mainland investors bought a net HK$12.1 billion (US$1.54 billion) worth of Hong Kong shares on Monday, marking the biggest single-day total in more than half a year. The buying frenzy continued on Tuesday, with HKEX being one of the top targets for mainland traders.
Analysts believe the increased buying activity is related to positioning ahead of the holiday period, as mainland investors have already purchased a staggering $64 billion of Hong Kong stocks so far this year. This figure surpasses the total of $42 billion in mainland inflows into Hong Kong stocks for the full year 2023, highlighting the strong appetite for Hong Kong assets among Chinese investors.
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