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HSI Leapfrogs 3%+ Atop 18,800, Logging ~4-mth High; CN Banks/ CN Consumers/ CN Developers Thrive
Major Asia-Pacific bourses broadly ascended in early trading on Tuesday (24th) after China's financial regulators unveiled a new round of economic stimulus. The Hong Kong stock...
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HSI Leapfrogs 3%+ Atop 18,800, Logging ~4-mth High; CN Banks/ CN Consumers/ CN Developers Thrive
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Major Asia-Pacific bourses broadly ascended in early trading on Tuesday (24th) after China's financial regulators unveiled a new round of economic stimulus. The Hong Kong stock market opened 326 points higher this morning. Fueled by Chinese banks/ Chinese consumers/ Chinese property developers, the local market's upswing became wilder in the morning. It once shot up 609 points, peaking at 18,856, hitting an almost-four-month high. It last rallied 586 points or 3.2% at 18,833, with turnover of $110.07 billion.

The People's Bank of China (PBOC) announced a reduction in the interest rates on outstanding mortgages and a unified minimum down payment ratio for mortgages, as well as an imminent reduction in the central bank's policy rate. The seven-day reverse repo operation rate was lowered by 0.2 percentage points, from the current 1.7% to 1.5%. The loan prime rates (LPRs) and deposit interest rates were guided to fall concurrently.

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China is ambitiously revitalizing the real estate market. Blue-chip Chinese property developers CHINA OVERSEAS (00688.HK)  +0.600 (+5.068%)    Short selling $81.27M; Ratio 13.782%   , CHINA RES LAND (01109.HK)  +1.250 (+5.910%)    Short selling $69.69M; Ratio 8.605%   and LONGFOR GROUP (00960.HK)  +0.490 (+5.600%)    Short selling $63.48M; Ratio 12.540%   spiked 4.5%-5.4%. Blue-chip property manager CHINA RES MIXC (01209.HK)  +1.400 (+5.458%)    Short selling $42.85M; Ratio 21.730%   also surged 4%.

Chinese banks ballooned. ICBC (01398.HK)  +0.260 (+5.856%)    Short selling $592.56M; Ratio 15.415%   , CCB (00939.HK)  +0.270 (+4.770%)    Short selling $647.07M; Ratio 10.338%   , and BANK OF CHINA (03988.HK)  +0.130 (+3.662%)    Short selling $302.00M; Ratio 13.504%   mounted 3.2%- 4.5%. CM BANK (03968.HK)  +3.350 (+10.824%)    Short selling $438.66M; Ratio 18.263%   even rocketed 9% to $33.75, marking the biggest gain among blue chips. Non-blue-chip Chinese banks BANKCOMM (03328.HK)  +0.350 (+6.352%)    Short selling $19.51M; Ratio 7.253%   , PSBC (01658.HK)  +0.200 (+4.630%)    Short selling $109.64M; Ratio 28.954%   and ABC (01288.HK)  +0.150 (+4.054%)    Short selling $172.00M; Ratio 11.947%   also mushroomed 3.2%- 5.3%.

Chinese consumers were vigorous, with LI AUTO-W (02015.HK)  +8.550 (+10.106%)    Short selling $223.79M; Ratio 11.597%   , BUD APAC (01876.HK)  +0.440 (+5.473%)    Short selling $17.25M; Ratio 4.221%   , LI NING (02331.HK)  +0.980 (+6.722%)    Short selling $110.78M; Ratio 12.720%   , ANTA SPORTS (02020.HK)  +4.050 (+5.510%)    Short selling $152.14M; Ratio 11.011%   , HAIDILAO (06862.HK)  +1.180 (+8.780%)    Short selling $162.95M; Ratio 23.089%   , MENGNIU DAIRY (02319.HK)  +1.000 (+7.396%)    Short selling $81.07M; Ratio 15.436%   and CHINA RES BEER (00291.HK)  +1.900 (+7.900%)    Short selling $78.62M; Ratio 11.735%   also rallied by about 3% - nearly 7%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-09-24 16:25.)

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