Chinese Shares Rally on Aggressive Stimulus Measures; Chalieco Up 4%, Dajin Heavy Industry Rises 7%

MT Newswires Live09-24

Chinese shares experienced a significant rebound on Tuesday, following the government's announcement of a series of robust economic stimulus measures.

The Shanghai Composite Index rose 4.2%, or 114.21 points, to end Tuesday's session at 2,863.13, while the Shenzhen Component Index jumped 4.4%, or 352.32 points, to 8,435.70.

Market optimism was up after People's Bank of China chief Pan Gongsheng indicated that the central bank would cut rates and reserve requirement ratios for banks to bolster growth.

The PBOC will trim the interest rate on seven-day reverse repos to 1.5% from 1.7%. It also indicated that it would cut the RRR for banks by 0.5 percentage points.

Analysts said this represents the most significant stimulus package introduced in recent times.

On Monday, the central bank injected 74.5 billion yuan in 14-day reverse repo operations at a lower interest rate of 1.85%.

In corporate news, shares of China Aluminum International Engineering (SHA:601068, HKG:2068) or Chalieco rose 4.2% in Shanghai after disclosing that it won a bid for a 350,000-ton green aluminum project in Tongliao City, Inner Mongolia, China for 2.80 billion yuan.

Elsewhere, Dajin Heavy Industry's (SHE:002487) shares also climbed 7% after signing a 46-million-euro deal to deliver 10 ultra-large monopiles for an offshore wind power project in the Baltic Sea.

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