Shares of CSC (China Securities Co. Ltd) soared by 8.99% on November 4, 2024, as Hong Kong stocks rallied on positive market sentiment. The surge was part of a broader upswing in the financial sector, with CSC's peer CITIC Securities also rising by 5.41%.
The Hong Kong market was buoyed by strong performance in the electric vehicle (EV) sector, where major Chinese EV makers such as XPeng, Geely Auto, and BYD reported record monthly sales in October, driven by surging domestic demand in China. The Hang Seng Tech Index gained 1.08% on the day.
Investors are also optimistic about potential policy measures from Beijing to support the stock market and economic growth, further fueling the bullish sentiment. However, specific details on potential measures have yet to be announced.
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