Shares of Geely Automobile Holdings Ltd. soared 9.09% on Tuesday as investors cheered the potential impact of China's stimulus measures and a proposed stock stabilization fund on the automaker's earnings prospects.
Hong Kong stocks rallied for a second consecutive day, with the Hang Seng Index gaining 1.9% by midday. The upbeat sentiment was fueled by optimism surrounding corporate earnings, following a slew of stimulus policies unveiled by the Chinese government.
Adding to the positive sentiment was a proposal from a prominent Chinese think tank, the Institute of Finance & Banking, for Beijing to establish a 2 trillion yuan ($280.5 billion) stock market stabilization fund. The fund, if implemented, could help steady the market by buying and selling blue-chip stocks and exchange-traded funds (ETFs).
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