Shares of Ping An Insurance Group (2318) soared 8.72% on Thursday, October 10th, amid a broad-based rally in Hong Kong stocks fueled by hopes of further economic stimulus measures from the Chinese government and a liquidity injection by the central bank.
Investor sentiment was buoyed by anticipation of additional stimulus announcements at an upcoming press conference by the Chinese finance minister on Saturday. Market participants expect the unveiling of measures aimed at bolstering the economy, bolstering optimism and driving demand for stocks.
Moreover, the People's Bank of China introduced a $70.7 billion swap facility, allowing financial institutions to exchange bonds and exchange-traded funds (ETFs) as collateral for government bonds and central bank bills. This initiative, part of an 800 billion yuan funding mechanism, injected much-needed liquidity into the stock market, further fueling the rally.
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