China Stocks Surge Over 10% Post-Holiday Amid Stimulus

Oct 7, 2024, 11:29 PM

China's stock markets have surged dramatically following the implementation of a massive stimulus package by Beijing. The Shanghai Composite Index opened up 10.13% to 3,674.4 points, while the CSI 300 Index jumped 11% as trading resumed after the Golden Week holiday. The SSE Composite Index surged 12.67% and the ChiNext Index skyrocketed 18.44% to 2,576.22 points. This marks the biggest weekly stock market rally in China in over 15 years. The stimulus measures have also fueled significant gains in Hong Kong's Hang Seng Index, which rose 1.6% at the start of the week. The Chinese government bonds declined as demand for haven assets dropped amid the stock market rally. Traders and investors are closely watching for further policy announcements from Beijing, with expectations of more fiscal support to sustain the economic momentum.