Hong Kong Stocks Shine After China Datas; Meituan Jumps 10%; Alibaba Gains 4%

Tiger Newspress
2024-10-18

Hong Kong stocks extended gains in afternoon trading after China datas.

China's Third-Quarter GDP grew 4.6%, slightly beating expectations; Industrial output, retail sales beat, expand faster than August; Jan.-Sept. fixed investment also rises more than expected.

Meanwhile, PBOC Governor said China will cut RRR Furthery by 25 to 50 bps based on market liduidity before end-2024, and to cut LPR by 20 -25 bps on Oct.21; PBOC officially launched securities, funds, and insurance company swap facility (sfisf) operations starting today; PBOC launched special re-lending program with initial quota of 300 billion yuan, interest rate at 1.75%, one-year term.

The Hang Seng Index rose nearly 4%, while the Hang Seng Tech Index rose 6.2%.

In terms of individual stocks, securities companies and semiconductor companies surged in afternoon trading. CMSC and HG SEMI rose 31%; SWHY rose 25%; SMIC rose 17%; CICC rose 16%.

While tech stocks also jumped. Meituan rose 10%; Bilibili rose 9%; Trip.com rose 8%; BYD and Xiaomi rose 7%; JD.com, Baidu, and Alibaba rose 4%; XPeng rose 3%; NIO rose 2%.

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