Chinese financial stocks climb on new wave of stimulus measures

seekingalpha09-24

China's financial stocks rallied in Tuesday morning trading after the country's central bank unveiled a sweeping stimulus package aimed at countering the waning economic outlook and restoring market ...

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Xinyuan Real Estate (NYSE:XIN) +17.7%, Futu Holdings (NASDAQ:FUTU) +11%, Ping An Insurance (OTCPK:PNGAY) +8.6%, UP Fintech Holding (NASDAQ:TIGR) +8.4%, Lufax Holding (NYSE:LU) +7.8%, KE Holdings (NYSE:BEKE) +6.4%, LexinFintech Holdings (NASDAQ:LX) +5.1%, Qifu Technology (NASDAQ:QFIN) +4%, Qudian (NYSE:QD) +3.6%, FinVolution Group (NYSE:FINV) +2.9% and Fanhua (NASDAQ:FANH) +2.3%, all gapped up at 10:19 a.m. ET in the U.S. The stimulus package buoyed the broader Chinese stock market, with the Shanghai Composite (SHCOMP) climbing 4.2% at the time of writing. But it's still down nearly 4% this year and about 8% from a year ago. The Hang Seng Index (HSI) recorded an even bigger swing, accelerating 6.3%. The People's Bank of China slashed its reserve requirement ratio to the lowest level since at least 2020, as well as trimming its main short-term interest rate. The package also targeted the nation's beleaguered property market, with measures to lower overall mortgage costs and a de-stocking program that eased rules for second-home purchases. Over the long-term, though, 22V Research does not \"expect a large departure from Xi’s strategy of restrained stimulus and focus on manufacturing and industry over property and the household sector,\" analyst Dennis DeBusschere wrote in a note to clients. \"Short-term, though, sentiment has been so bad that signs of increased urgency could lead to a nice reversal\" in Chinese equities, he added.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0},"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":"4.29.3","shortVersion":"4.29.3","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/2469049781"}