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Hong Kong’s daily stock trading soars to record US$57 billion as market rally gathers legs
The city’s benchmark index advanced 13 per cent this week, the best weekly gain since 1998 in a US$440 billion bull run
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Hong Kong stocks surged for the fourth day amid record trading volume, reclaiming the 20,000 floor and registering the best week in 26 years as a buying spree went into overdrive after Beijing injected fresh fuel into the Chinese economy.
The Hang Seng Index jumped 3.6 per cent to 20,632.30 at the close of Friday trading, the highest level since April 2023. That brings the gain this week to 13 per cent, as the best rally since a 14.9 per cent jump in October 1998 restored more than US$440 billion in value to local stocks.
Total transaction volume surged to HK$445 billion (US$57 billion) on Friday, the highest on record, according to Bloomberg data that goes back to 1992. The Tech Index jumped 5.8 per cent, while the Shanghai Composite Index climbed 2.9 per cent to a four-month high.
E-commerce giant Alibaba Group Holding advanced 4.9 per cent to HK$102.50, rival JD.com surged 9.7 per cent to HK$152 and online travel agency Trip.com rallied 12.6 per cent to HK$474. New World Development jumped 21.6 per cent to HK$9.96 as trading resumed after a management reshuffle.
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