China Merchants Securities Co., Ltd. (CMSC) experienced a meteoric surge in its stock price on October 2, 2024, soaring by an astonishing 81.98% as Chinese financial companies led a remarkable rally in the Hong Kong stock market.
The epic rally was fueled by Beijing's ongoing stimulus measures and easing of home purchase rules, which continued to buoy market sentiment towards Chinese stocks. The Hang Seng Composite Index tracking financial stocks jumped 5.69%, with CMSC emerging as a standout performer, surging 81.32% on the day.
The Hong Kong market had just 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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