Geely Automobile Holdings Ltd., one of China's leading automakers, experienced a remarkable surge of 11.71% in its stock price on October 10th, riding on the wave of a broad market rally and expectations of further government stimulus measures.
The Hong Kong stock market witnessed a significant upswing, with the Hang Seng Index climbing 2.98% and the Hang Seng Tech Index rising 2.05%. This positive market sentiment played a crucial role in propelling Geely Auto's shares higher.
Fueling the market's enthusiasm was China's central bank's announcement of a 500-billion-yuan swap facility, allowing securities, fund, and insurance firms to access liquid assets for stock purchases. This stimulus package, part of a broader economic support initiative, ignited a rally in equities across various sectors, including the automotive industry.
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