Shares of CMSC Holdings Ltd. (06099), a leading Chinese semiconductor company, soared by 31.72% on Thursday, October 18, 2024, as investors cheered positive economic data from China and market-friendly measures announced by the country's central bank.
The rally in CMSC's stock was part of a broader surge in Hong Kong equities, with the Hang Seng Index climbing nearly 4% and the Hang Seng Tech Index surging 6.2%. The semiconductor sector stood out as a top performer, with CMSC and its peer HG SEMI both skyrocketing by 31%.
The bullish sentiment was fueled by better-than-expected economic data from China, including a 4.6% year-over-year increase in third-quarter GDP, faster-than-anticipated growth in industrial output and retail sales, and a stronger-than-expected rise in fixed asset investment for the January-September period.
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