From CNBC: 2024-09-30 10:23:17

China stocks saw their best day in 16 years, with the Shanghai Composite up 8.06% and the Shenzhen Composite up 10.9%. The China ADR index gained nearly 6%, with U.S. listed shares of Kanzhun, Bilibili, Tencent Music Entertainment, and Futu Holdings rising.

The KraneShares CSI China Internet ETF gained 4.2% and the iShares China Large-Cap ETF rose 2.2%. Alibaba’s U.S. shares were up more than 4%, while JD.com saw a 5.4% increase. Chinese stocks rallied after economic stimulus measures were announced.

Investors are cautiously optimistic about China’s economy, with hedge fund founder David Tepper expressing bullish sentiment on Chinese equities. The recent economic stimulus measures from Beijing, including interest rate cuts, have helped bolster confidence in the market and the potential for growth.

Read more: China stocks just had their best day in 16 years, sending related U.S. ETFs soaring