rthk_en18h ago
Mainland stocks had their best day in a month on Monday while Hong Kong shares also rebounded, inspired by a record-breaking performance on Wall Street, and bullish Asian markets led by Japan.The benchmark Hang Seng Index shot up 467 points, or 1.76 percent, to 27,027.The China enterprises index was up 135 points, or 1.5 percent, at 9,166 while the tech index was up 70 points, or 1.31 percent, at 5,416.The benchmark Shanghai Composite Index ended up 57 points, or 1.41 percent, at 4,123.The Shenzhen Component Index closed 301 points, or 2.17 percent, higher at 14,208 while the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was 96 points, or 2.98 percent, up at 3,332.Brokerages, meanwhile, recommend investors cling to their stock holdings ahead of next week's Lunar New Year festival, saying the correction, which had brought the China market down over four percent from its January 29 peak, likely ended.China's blue-chip CSI300 Index climbed 1.6.Risk appetite grew after the Dow Jones Industrial Average closed above the 50,000 mark for the first time on Friday.Japanese stocks swept to record peaks on Monday after Sanae Takaichi scored a landslide win in Sunday's snap election.Caitong Securities said China's stock turnover is shrinking ahead of the week-long holiday, but the index is starting to rise, "signalling the market correction is almost over"."Investors who are willing to hold the stocks through the festival will be rewarded," Caitong said.Guosheng Securities, Haitong International and Huajin Securities dispensed similar advice.Chinese film producers, media and entertainment stocks led gains as investors bet holiday spending will boost their revenue.Real-world-asset-related stocks, such as Guotai Junan International and GCL Energy Technology, rose on bets that they'd benefit from Beijing's move to set up a legal framework for RWA tokenisation business.Mainland and Hong Kong gold-linked stocks also bounced, after news that China's central bank extended its gold buying spree for a 15th month in January. (Agencies/Xinhua)