Chinese Stocks Set to Rise After ADRs Jump on Extra Xi Support
10/25/2023 06:48
Chinese stocks are poised for gains after US-listed shares of mainland companies recorded their biggest one-day jump since July, spurred by rare fiscal measures from Beijing and President Xi Jinping’s stepped up support for the world’s second-biggest economy.
Chinese stocks are poised for gains after US-listed shares of mainland companies recorded their biggest one-day jump since July, spurred by rare fiscal measures from Beijing and President Xi Jinping’s stepped up support for the world’s second-biggest economy.
The Nasdaq Golden Dragon China Index climbed nearly 4%, with Bilibili Inc. leading gains among the major technology names. KE Holdings Inc., a platform that facilitates housing transactions, rallied the most since in two weeks and electric-vehicle maker XPeng Inc. jumped more than 10%. FTSE China A50 futures and contracts for Hong Kong’s benchmark Hang Seng Index also joined the rally.