Hong Kong stocks rise to 2-week high as Beijing pledges to boost fiscal expenditure

It’s been a strong start for Hong Kong’s stock market, which has climbed to a two-week high! This surge comes hot on the heels of a significant announcement from Beijing: a commitment to boost fiscal spending aimed at shoring up domestic demand.

This proactive stance from China’s government, coupled with a generally bullish global equities mood, has created a wave of optimism across the region, lifting overall sentiment.

By 10:07 am local time, the benchmark Hang Seng Index was up a solid 0.5 per cent, reaching 25,947.35 – its highest level since December 12. Tech stocks, in particular, saw impressive gains, with the Hang Seng Tech Index advancing by a robust 1.6 per cent.

While Hong Kong cheered, the picture on the mainland was slightly mixed. The CSI 300 Index experienced a minor dip of 0.1 per cent, though the Shanghai Composite Index managed a positive movement, adding 0.3 per cent.

Investors are clearly reacting positively to the prospects of increased government support for the economy. Keep an eye on how these fiscal measures unfold and their continued impact on market dynamics!

Source: Original Article