The Hong Kong market rallied remarkably in early trading after China's announcement of a series of financial policies. Opening 326 points higher, the HSI continued to climb to as high as 18,859 with a surge of 612 points at one point. It concluded the midday up 598 points, or 3.3%, at 18,845. The HSCEI grew 251 points, or 3.8%, to 6,641. The HSTECH gained 155 points, or 4.2%, to 3,853. The total half-day market turnover increased to $117.944 billion.

The People's Bank of China (PBOC) will lower outstanding mortgage rates and unify the minimum down payment ratio for mortgages. Chinese property developers R&F PROPERTIES (02777.HK)  +0.120 (+16.000%)    Short selling $1.50M; Ratio 4.065%   and KWG GROUP (01813.HK)  +0.025 (+10.870%)   advanced 13.3% and 10.9%, respectively, while SUNAC (01918.HK)  +0.140 (+13.592%)    Short selling $17.79M; Ratio 3.059%   and CIFI HOLD GP (00884.HK)  +0.032 (+14.035%)    Short selling $2.44M; Ratio 5.910%   soared over 7%. 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 SINO-OCEAN GP (03377.HK)  +0.015 (+7.614%)   swelled over 5%.

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The PBOC also announced it will soon cut the required reserve ratio by 0.5 ppts. Chinese banks CM BANK (03968.HK)  +3.350 (+10.824%)    Short selling $438.66M; Ratio 18.263%   and BANKCOMM (03328.HK)  +0.350 (+6.352%)    Short selling $19.51M; Ratio 7.253%   ascended 9% and 5.6%, while ICBC (01398.HK)  +0.260 (+5.856%)    Short selling $592.56M; Ratio 15.415%   hiked 4.3%.

The PBOC's new policy facilitating swaps for securities, funds, and insurance companies boosted the stock market. Brokers CITIC SEC (06030.HK)  +1.260 (+10.413%)    Short selling $52.52M; Ratio 8.532%   , CICC (03908.HK)  +0.950 (+11.190%)    Short selling $60.97M; Ratio 9.112%   , CSC (06066.HK)  +0.530 (+9.779%)    Short selling $3.26M; Ratio 3.215%   , CGS (06881.HK)  +0.400 (+9.346%)    Short selling $19.42M; Ratio 4.090%   , and HTSC (06886.HK)  +0.800 (+9.569%)    Short selling $4.32M; Ratio 3.749%   rocketed 7.1-8.8%. Chinese insurers PING AN (02318.HK)  +2.700 (+7.171%)    Short selling $1.41B; Ratio 23.313%   and CHINA LIFE (02628.HK)  +0.840 (+6.885%)    Short selling $190.02M; Ratio 15.484%   surged 6.5% and 5.7%, while CPIC (02601.HK)  +2.650 (+12.471%)    Short selling $189.73M; Ratio 19.267%   escalated 7.8%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-09-24 16:25.)