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Hang Seng Index Rallies as China’s Central Bank Slashes Rates 

um editor

UM Editor

July 23, 2024 at 10:36 am

On Monday, the Hang Seng Index rose 218 points or 1.25% to close at 17,636, partially recovering from the previous session’s 2.0% decline. The upturn came after the People’s Bank of China (PBoC) unexpectedly cut its key short-term policy rate for the first time in nearly a year, aiming to stimulate economic growth in China. The PBoC also reduced loan prime rates to new lows, following disappointing Q2 GDP figures and the conclusion of the Third Plenum meeting. 

The market rebounded from a near 3-month low, with the tech sector surging 2.1% on beliefs that Beijing’s policies would benefit the industry long-term. Financials and consumer stocks also gained ground.  

However, the market’s rise was tempered by concerns that China’s rate cuts might indicate Beijing’s acknowledgment of economic difficulties. Among big-cap stocks, Pharmaron led the gains, jumping 6.0% after forecasting a 34-45% year-on-year increase in H1 net profit. Other top performers included Trip.Com (4.7%), Xiaomi Corp. (4.1%), and Innovent Biologics (3.8%). 

(Hang Seng Index Six-month Chart) 

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