Stock Track | Ping An Soars on Stimulus Hopes and Central Bank's Swap Facility

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Shares of Ping An Insurance Group (2318) soared by 8.72% on Thursday, October 10, 2024, as Hong Kong stocks rallied amid hopes of further economic stimulus measures from the Chinese government and the introduction of a $70.7 billion swap facility by the People's Bank of China (PBOC).

The Hong Kong stock market witnessed a broad-based rebound, with the Hang Seng Index surging 2.98% and the Hang Seng China Enterprises Index climbing 3.46%. The rally was fueled by investor optimism surrounding the potential announcement of additional stimulus measures by the Chinese finance minister during a press conference scheduled for Saturday.

The PBOC's swap facility, which allows various financial institutions to exchange bonds and exchange-traded funds (ETFs) as collateral for government bonds and central bank bills, played a pivotal role in boosting sentiment. This initiative is part of the central bank's 800 billion yuan funding mechanism aimed at injecting liquidity into the stock market.

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