HK shares hit over 2-1/2-year high ahead of China's return from holiday
Hang Seng hits highest since February 2022
SMIC soars over 20%; casinos jump, CITIC hits pre-pandemic highs
China markets' return from holiday a crucial test
Updates to close
SINGAPORE, Oct 7 (Reuters) -Hong Kong shares hit their highest in over two-and-a-half years on Monday, with tech and tourism stockssurging ahead of China'sreturn from a week-long holiday.
The Hang Seng .HSI touched its highest since February2022 and closed 1.6% higher at 23.099.78. Volumes were high but well below 15-year peaks hit last week.
China's stock, bond and currency markets resume trade on Tuesday and the open is keenly anticipated as a sign of whether the blistering pre-holiday rally is on solid ground.
Chinese marketshad closed last week ona historic tear, thanks to the most aggressive stimulus measures since the pandemic. Authorities cut rates and hinted at fiscal support to shore up an economy that, by Chinese standards, is ailing.
"Mainland investors displayed immense enthusiasm by opening accounts on a large scale during the holiday, which seems unabated," said Kenny Ng, strategist at China Everbright Securities International in Hong Kong. He expects a roaring gain of 7%-10% on Tuesday, and then a test beyond that.
"The sustainability of the A-share market's rise starting from Wednesday will have a significant impact on the Hong Kong stock market and overall investor confidence."
Signs of persisting euphoria abounded on Monday.
Chipmaker SMIC's 0981.HK shares shot up morethan 21% onbets that government backing will be directed at the sector. The stock is up 60% in two sessions.
Travel-exposed Macau casino operators logged large gains, with Sands China 1928.HK and Galaxy Entertainment 0027.HK each up over 9%.
State-owned conglomerate Citic 0267.HK advancednearly 13% and hit its highest in more than five years and insurer China Life 2628.HK jumped 12.4%.
About 5.1 billion Hang Seng index shares were traded, roughly 137% of the market's 30-day moving average.
China's blue-chip CSI300 Index .CSI300 has soared 25% over five sessions, its strongest gain for such a period on record, as frenzied buying strained brokers and trading systems.
On Sept. 30, the index and the Shanghai Composite .SSEC notched their biggest single-day percentage gain since 2008. China-focused hedge funds are reporting explosive returns.
The rally has taken the Hang Seng from an also-ran to the top-performing major market this year, with a 33% gain running ahead of a 21% rise for the S&P 500 .SPX.
China stocks rally strongly https://reut.rs/3ZQNtV0
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Reporting by Tom Westbrook; Editing by Jacqueline Wong and Sonia Cheema
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