Shares of China Merchants Securities Co., Ltd. (CMSC) soared by 13.94% on October 3, 2024, closing at a record high amid a broader rally in Chinese financial stocks fueled by Beijing's ongoing stimulus measures and easing of home purchase rules.
The surge in CMSC's stock price was part of a remarkable rally in the Hong Kong stock market, where the Hang Seng Composite Index tracking financial stocks jumped 5.69%. CMSC emerged as a standout performer, with its stock price skyrocketing by an astonishing 81.98% on October 2, 2024, just as the market reopened after the National Day holiday.
Analysts attribute the epic rally to pent-up demand and higher trading activity, as global traders and Chinese investors rushed to capitalize on the favorable conditions and attractive stock valuations. Beijing's stimulus measures and easing of home purchase rules continued to buoy market sentiment towards Chinese stocks, further driving the rally in financial companies like CMSC.
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