Shares of Semiconductor Manufacturing International Corporation (SMIC) surged 17.12% on Thursday, buoyed by positive economic data from China and policy support measures announced by the nation's central bank, fueling investor optimism about the semiconductor industry's growth prospects.
The rally in SMIC's stock was part of a broader upswing in Hong Kong stocks, with the Hang Seng Index rising nearly 4% and the Hang Seng Tech Index gaining 6.2% on the day. The upbeat sentiment was driven by better-than-expected economic indicators from China, including a 4.6% year-over-year growth in the third-quarter GDP, higher-than-anticipated industrial output, retail sales, and fixed investment figures for the January-September period.
Adding to the positive sentiment, the People's Bank of China (PBOC) unveiled a series of monetary policy easing measures aimed at boosting liquidity and supporting economic growth. These include plans to cut the reserve requirement ratio by 25 to 50 basis points before the end of the year, reduce the loan prime rate by 20 to 25 basis points on October 21, and launch new lending facilities with favorable interest rates.
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