Hong Kong: Stocks rocket past 22,000 on China stimulus

SHARES jumped more than four per cent in Hong Kong on Wednesday to break the 22,000 mark for the first time since February last year as traders resumed a China stimulus-fuelled rally following a one-day holiday.

The Hang Seng Index surged 4.40 per cent, or 929.70 points, to 22,063.38.

Traders in the city and mainland bourses have been rushing to snap up stocks since China last week began unveiling a raft of measures aimed at kickstarting the country’s struggling economy, with an emphasis on the real estate sector.

Developers were again the big winners in Wednesday’s surge, with Sunac China Holdings and Kaisa Group up around 40 per cent and Agile Group surging nearly 70 per cent higher.

Tech firms were also well bought, with ecommerce giant JD.com rallying more than 11 per cent, Meituan piling on more than 12 per cent, and market heavyweight Alibaba more than five per cent up.

Markets in Shanghai and Shenzhen were closed for a week-long holiday. AFP