China Merchants Securities Co., Ltd. (CMSC) saw its stock price surge by a staggering 81.98% on October 2, 2024, as Chinese financial companies led a remarkable rally in the Hong Kong stock market.
The surge came as Beijing's stimulus measures and easing of home purchase rules continued to buoy market sentiment. The Hang Seng Composite Index tracking financial stocks jumped 5.69%, with CMSC emerging as a standout performer, soaring 81.32%.
The Hong Kong market had reopened after the National Day holiday, while mainland Chinese markets remained closed for the Golden Week holiday. This pent-up demand and higher trading activity likely contributed to the epic rally, as global traders and Chinese investors rushed to capitalize on the favorable conditions and attractive stock valuations.
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