Stock Track | Meituan Soars Over 10% as Upbeat China Data, Stimulus Boost Sentiment

Stock Track2024-10-18

Shares of Chinese food delivery giant Meituan skyrocketed over 10% on Friday, as investor sentiment towards Chinese stocks was buoyed by a slew of positive economic data and fresh stimulus measures from Beijing.

The surge in Meituan's stock price was part of a broader rally in Hong Kong markets, with the Hang Seng Index climbing 3.6%. Investors cheered stronger-than-expected growth figures for China's economy in the third quarter, as GDP expanded 4.6%, beating forecasts of 4.5%. Industrial production and retail sales data also surprised on the upside.

Market sentiment received an additional boost after the People's Bank of China unveiled a series of supportive measures, including a cut in reserve requirement ratios for banks and the launch of a 300 billion yuan ($41 billion) re-lending program aimed at providing affordable credit to businesses. The central bank's funding initiatives, totaling 800 billion yuan, are expected to uplift the stock market and restore investor confidence.

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