Hong Kong's Hang Seng Index Rises 0.7%; Biotech, Bank Stocks Advance -- Market Talk

Dow Jones

2024-09-25

0829 GMT - Hong Kong's Hang Seng Index closed 0.7% higher at 19129.10, paring some earlier gains, as investors digested China's latest stimulus measures. The PBOC unveiled a series of policy initiatives Tuesday, including cutting rates on existing mortgages and cuts to bank's reserve requirement ratios.Biotech and bank stocks led gains on the benchmark index. Alibaba Health Information Technology added 5.65% and Sinopharm rose 1.2%. China Merchants Bank advanced 4.5%. Decliners included Xiaomi, which dropped 3.1%, and Nongfu Spring, down 2.1%. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

September 25, 2024 04:29 ET (08:29 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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