Hong Kong Stocks Close in Green on Monday Following Rate Cuts by Central Bank, Investors Looking Forward to More Changes

MT Newswires Live07-22

Hong Kong Stocks Close in Green on Monday Following Rate Cuts by Central Bank, Investors Looking Forward to More Changes Hong Kong Stocks closed in the green on Monday after the rate cut from China's ...

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The Hang Seng China Enterprises Index rose by 1.44%, or 88.90 points, to close at 6,253.94.On the economic front, the conclusion of China's third plenum revealed the communique with a wider scope compared to the one from the 2013 third plenum, covering reforms for fiscal and tax, finance, foreign trade, foreign investment, and land with a deadline set to 2029, ANZ Research said in a note released on Friday.The People's Bank of China lowered its benchmark lending rates and the short-term policy interest rate on Monday in a bid to enhance economic growth. The central bank slashed the one-year loan prime rate to 3.35% from 3.45% and the five-year loan prime rate to 3.85% from 3.95%, according to a notice by the PBOC on the same day.China's electricity consumption rose 5.8% over the year to 820.5 billion kilowatt-hours (kWh) in June, Xinhua reported, citing data from the National Energy Administration's data. In the first half of this year, the country's power use climbed 8.1% to nearly 4.66 trillion kWh. China's gross domestic product grew 5% year on year to around 61.68 trillion yuan in the first half.In corporate news, Bright Future Technology Holdings (HKG:1351) is planning to buy back a total of HK$20 million worth of shares. The shares will be bought back in the market under the company's share award scheme and its repurchase mandate granted at the 2024 annual general meeting. The company's shares were up over 10% on Monday's close.China NT Pharma Group (HKG:1011) (HKG:2199) subsidiary Green-Life Technology (Hong Kong) terminated its acquisition agreement with licensor Abcentra. Both parties could not agree on the delays in the research and development and timetable of the agreement, as well as China NT Pharma's shift in focus to bone health, hence the termination. The company's shares were down over 10% on Monday's close.Haier Smart Home (HKG:6690) purchased the entire stake in Electrolux South Africa Proprietary from Electrolux Group for 2.45 billion South African rand or about 980 million yuan. The company's shares were up over 1% on Monday's close.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453444756"}