Shares of Chinese property developer Sunac (01918) surged by 17.33% on October 10, leading gains among Hong Kong-listed stocks as the broader market rallied on the back of government stimulus measures aimed at shoring up equities.
The sharp rise in Sunac's stock price was fueled by news that China's central bank is introducing a 500-billion-yuan ($70 billion) swap facility to provide liquidity to securities, fund, and insurance firms for stock purchases. This move is part of a broader stimulus package unveiled earlier by Beijing to support the struggling economy and reignite investor confidence.
The market is hopeful that further fiscal measures will be announced at a government briefing on Saturday, potentially including additional bond issuance to fund fiscal spending. However, some analysts warn that the package could fall short of market expectations, leading to volatility as investors await clarity on Beijing's commitment to reviving economic growth.
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