The Hong Kong stock market witnessed a remarkable rally on October 7, 2024, with major indices posting significant gains. The Hang Seng Index (HSI) rose by 1.60%, the Hang Seng China Enterprises Index (HSCEI) increased by 2.14%, and the Hang Seng Tech Index (HSTECH) surged by 3.05%. Among the standout performers was YUEXIU PROPERTY (00123), which saw its stock price soar by an impressive 6.84%.
YUEXIU PROPERTY's remarkable surge was fueled by a bullish outlook from Morgan Stanley. The investment bank set a target price of HKD 5.48 for the stock, citing the company's superior sales performance, robust profitability, and attractive dividend prospects. Morgan Stanley's analysts highlighted YUEXIU PROPERTY's high-quality saleable resources and a strong land reserve pipeline as key strengths underpinning the positive stance.
The broader market rally was driven by strong performances across various sectors, with Asset Management & Custody Banks leading the charge with a staggering 26.93% increase. Other sectors that witnessed significant gains included Aerospace & Defense (24.42%), Advertising (20.16%), IT Consulting & Other Services (15.45%), and Reinsurance (13.16%). Stocks like BRAINHOLE TECH (02203) and SENSETIME-W (00020) also contributed to the upward momentum, surging by 275.94% and 9.91%, respectively.
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