Stock Track | CM Bank Surges on China's New Stimulus for Property, Banking Sectors

Stock Track09-24

Shares of CM Bank (03968) soared 9.21% on Monday, buoyed by the Chinese central bank's announcement of a comprehensive stimulus package aimed at reviving the country's struggling property market and supporting the banking sector.

The People's Bank of China unveiled a slew of measures on Tuesday, including a 50 basis point reduction in banks' reserve requirement ratio and a 20 basis point cut in the seven-day reverse repo rate. These moves are expected to increase liquidity in the banking system and promote lending.

Notably, the central bank also announced plans to lower the minimum down-payment ratio for second home purchases to 15%, aligning it with the requirement for first homes. This move, coupled with plans to expand funding for banks to extend loans for unsold properties, is expected to boost housing demand and support the ailing real estate sector.

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