Shares of GCL Technology, a Hong Kong-listed renewable energy company, surged by 22.5% on Tuesday, outperforming the broader market amid a widespread rally in Hong Kong stocks.
The stock's impressive gain came as Hong Kong's Hang Seng Index rose 1.9% by noon, buoyed by optimism surrounding corporate earnings and a proposal for a 2 trillion yuan ($280.5 billion) stock stabilization fund. The Hang Seng Tech Index, which tracks technology companies, rallied even higher, climbing 2.8%.
While no specific company news was cited as the catalyst for GCL Technology's sharp rise, analysts attributed the broad market rally to expectations of improved economic conditions and better-than-anticipated earnings results. This sentiment was bolstered by China's recent stimulus measures and the potential establishment of a stock market stabilization fund aimed at steadying the market through the buying and selling of blue-chip stocks and exchange-traded funds (ETFs).
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