Chinese and Hong Kong Markets Surge Amid Policy Pledges

Stock markets in China and Hong Kong saw significant gains, driven by rallies in the property sector, following Beijing's promise of more policy measures to bolster growth. Key indexes in Shanghai and Hong Kong closed at their highest since June, while investor sentiment was buoyed by potential capital injections into major state banks.

Stock markets in China and Hong Kong experienced a notable surge on Thursday, driven by significant advances in the beleaguered property sector. This uptick follows Beijing's recent commitment to introduce additional policy measures aimed at stimulating economic growth, a move that comes just days after major rate cuts and financial injections into the markets.

The Shanghai Composite index closed 3.6% higher at 3,000.95 points, while the blue-chip CSI300 Index soared 4.2% to 3,545.32 points. Both indexes reached their highest closing levels since June, marking their seventh consecutive session of gains, a clear positive signal for investors.

Hong Kong also saw a robust performance, with the benchmark Hang Seng index rising 4.16% to 19,924.58. The Hang Seng China Enterprises index climbed 4.75% to 7,086.7 points. The rally was largely attributed to state media reports of a recent Politburo meeting that emphasized enhanced fiscal and monetary policy adjustments to achieve full-year economic and social development targets. Further fuel was added by Bloomberg News reports suggesting potential capital injections of up to 1 trillion yuan into major state banks to bolster their support for the struggling economy.

(With inputs from agencies.)