10th October 2024 – Hong Kong – The People’s Bank of China (PBOC) announced on Thursday the creation of the Securities, Funds, and Insurance companies Swap Facility (SFISF), initially allocating 500 billion yuan (approximately 71 billion U.S. dollars). This strategic initiative aims to promote “the healthy and stable development of the capital market.”
At 10:23 a.m. today, the Hang Seng Index was reported at 21,187.85, reflecting a significant increase of 550.61 points, or 2.67%. The morning session saw the index open at 21,046 points, later peaking at 21,362 points after gaining as much as 725 points. By the latest figures, the index settled at 21,213 points, up 576 points or 2.79%. Additionally, the state-owned enterprise index rose by 207 points (2.81%), closing at 7,572 points, while the technology sector index climbed 118 points (2.55%) to finish at 4,759 points. The main board recorded a trading volume of 46.7 billion Hong Kong dollars.
Amid the bullish sentiment, major technology stocks saw significant gains: Tencent increased by 2.8%, Alibaba by 3.7%, Meituan by 6%, JD.com by 3.8%, Xiaomi by 4%, and Kuaishou by 1.9%.
The financial sector contributed notably to the positive market sentiment, with HSBC Holdings up by 0.8%, AIA Group by 5.2%, Ping An Insurance by 4.9%, and Hong Kong Exchanges and Clearing by 3.4%.
In the automotive sector, XPeng Motors and Nio both rose by 5.2%, Ideal Motors by 2.9%, and BYD Company by 3.4%.
Moreover, Guotai Junan Securities confirmed the implementation of its integration plan with Haitong Securities, resulting in a dramatic rise in both companies’ stocks, which surged 97% and 106% respectively upon resumption of trading.
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