Stock Track | CITIC Securities Soars 5.36% as China's Economic Recovery Boosts Sentiment

Stock Track

2024/11/05

Shares of CITIC Securities, one of China's leading brokerage firms, surged 5.36% on Monday, riding a wave of optimism surrounding the country's economic revival.

The rally was fueled by encouraging data that showed China's services sector expanded at a faster pace in October. The Caixin services purchasing managers' index (PMI) rose to 52.0 last month, up from 50.3 in September, marking the biggest increase in nearly two years.

The upbeat PMI reading, coupled with signs of recovery in the property market, bolstered investor confidence in China's economic prospects. Finance and software stocks led the broader market gains, with CITIC Securities advancing 4.85% and Beijing Kingsoft Office Software climbing 5.9%.

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