Shares of KE Holdings Inc. (BEKE), a leading integrated online and offline platform for housing transactions and services in China, soared 14.37% in pre-market trading on October 2, 2024, as Chinese stocks continued their remarkable rally.
The surge in KE Holdings' stock price was part of a broader rally in US-listed Chinese companies or American Depositary Receipts (ADRs), fueled by renewed optimism about China's economic growth and risk assets. Stocks like Tiger Brokers, Bilibili, JD.com, XPeng, iQiyi, Li Auto, NIO, and Baidu also witnessed significant gains in pre-market trading.
The rally has been driven by a spate of policy-easing measures announced by Chinese authorities in recent weeks, including interest rate cuts, freeing up cash for banks, liquidity support for stocks, and relaxation of home-buying curbs in major cities. These measures have reignited investor confidence in China's economic prospects and sparked a reversal in key markets such as copper and Asia Pacific currencies.
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