BEIJING - China and Hong Kong stocks rallied broadly for a second day on Sept 25 as investors basked in the afterglow of a wide-ranging stimulus package announced the previous day.
China's blue-chip CSI 300 Index and the Shanghai Composite Index gained, while Hong Kong's benchmark Hang Seng rose 0.7 per cent.
Beijing on Sept 24 announced a slate of support measures including rate cuts, mortgage requirement easing, and fresh funding for equity purchases, in a bid to prop up the ailing economy.
In the wake of the announcement, the People's Bank of China (PBOC) on Sept 25 cut the rate of one-year medium-term lending facility loans to some financial institutions to 2 per cent to 2.3 per cent. Real estate and broker sectors led stock market gains in China, while Hong Kong-listed mainland property stocks rose.
“Between now and the ad hoc Politburo meeting in end-October, in which fiscal measures may be announced to improve demand, the market rally could continue to bring markets higher over the next few sessions,” UBS said in a note.
PBOC governor Pan Gongsheng on Sept 24 said the central bank will set up a facility allowing securities firms, funds and insurance companies to tap liquidity from the PBOC to purchase equities. There are also plans to set up a specialised relending facility for listed companies and major shareholders to buy back shares and raise holdings.
The moves will unleash at least 800 billion yuan (S$146.3 billion) of initial liquidity support.
This story is from the September 26, 2024 edition of The Straits Times.
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This story is from the September 26, 2024 edition of The Straits Times.
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