Semiconductor Manufacturing International Corporation (SMIC), China's largest chipmaker, witnessed a remarkable surge in its stock price on Monday, soaring by 6.61% amidst a broader rally in Hong Kong markets fueled by optimism surrounding China's economic prospects.
The Hang Seng Index climbed 1.6% to reach a 32-month high, driven by growing confidence from Wall Street heavyweights like Citigroup and Goldman Sachs in Chinese equities. Investors were buoyed by expectations of further economic stimulus measures from Beijing, including a potential 3 trillion yuan consumption support package, as predicted by Citigroup's Pierre Lau.
SMIC emerged as a standout performer in the semiconductor sector, with its shares skyrocketing by an astonishing 27.42%. The sector's strength was underpinned by factors such as reduced inventory levels and positive outlooks from institutions amidst anticipation of a broader economic recovery. Major banks raised their targets for key Chinese stock benchmarks, citing "coordinated and forceful" policy announcements aimed at curtailing downside growth risks.
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