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Chinese stocks rise due to lower borrowing interest rate than expected

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Shanghai — Friday, after Chinese banks unexpectedly drastically lowered mortgage benchmark rates, reviving the sick housing sector and boosting the economic slowdown hit by a serious COVID-19 outbreak. Chinese stocks have risen.

At the end of the morning session, the CSI300 Index rose 1.4% to 4,056.03 and the Shanghai Composite Index rose 1.1% to 3,131.40.

The Hang Seng Index rose 1.8% to 20,489.63 points. The Hong Kong China Enterprise Index rose 2.1% to 7,046.06.

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** So far this week, the CSI 300 Index has risen 1.7%. The Hang Seng Index has risen by nearly 3%, aiming for the largest weekly rise in two months.

** The 5-year loan prime rate (LPR) fell by 15 basis points from 4.60% to 4.45%, while the 1-year LPR remained unchanged at 3.70%.

** The move “suggests concerns about the cumulative risks in the housing sector,” said Carlos Casanova, Senior Asian Economist at Union Banke Aprby in Hong Kong.

** Zhiwei Zhang, Chief Economist at Pinpoint Asset Management, said: “We also look forward to more policy measures on finance, real estate and the platform economy.”

** Shanghai reported three new cases of COVID-19 outside the quarantine area on Thursday, with no such cases for five days.

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** Foreign investors are net buyers of A-shares, and Refinitiv data show an inflow of over 8.3 billion yuan ($ 1.24 billion) through StockConnect during the noon break. ,

** Real estate developers fell 1.3% after a rate cut after a 2.3% surge in the last session.

** Coal miners surged 4.2%, transportation companies rose 3.4%, and healthcare and consumer staple shares increased 1.7% respectively.

** US President Joe Biden may speak to China’s Xi Jinping in the coming weeks, national security adviser Jake Sullivan said Thursday.

** Hong Kong-listed tech giants surged 3.5%, while index giants Tencent, Meituan and Alibaba rose between 2.3% and 3.5%.

(Report by Shanghai Newsroom, edited by Uttaresh.V)


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Chinese stocks rise due to lower borrowing interest rate than expected

Source link Chinese stocks rise due to lower borrowing interest rate than expected

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