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Saturday, May 18, 2024

China tech stocks near bull market on stimulus hopes

China tech shares in Hong Kong nearly in bull market as stimulus hopes rise. The Hang Seng Tech Index climbed 2.9%, fueled by easing regulatory constraints and optimism about further stimulus for the nation’s economy.

A significant surge in XPeng Inc. shares after investment plans by Volkswagen AG also contributed to the index’s rise. Chinese tech stocks have faced volatility due to regulatory crackdowns and concerns about consumption slowdown.

However, recent supportive government rhetoric has improved market sentiment. Analysts believe the Chinese market may be turning around, but swift policy measures are needed to sustain the rally. Hong Kong’s benchmark Hang Seng Index closed up 1.4%.

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