Hong Kong Stocks Rebound Amid Hopes of Further Stimulus; Financial Institutions Surge on $70.7 Billion Swap Facility

MT Newswires Live10-10

Hong Kong stocks rebounded on Thursday, reversing two consecutive days of losses, as the central bank of China launched a $70.7 billion swap facility and investors remained hopeful about further stimulus measures to bolster the economy.

The Hang Seng Index soared 2.98%, or 614.74 points, to close Monday's trade at 21,251.98. The Hang Seng China Enterprises Index added 3.46%, or 255.15 points, to 7,620.74.

Under the People's Bank of China's swap facility, various kinds of financial institutions will have the option to exchange bonds and ETFs as collateral for government bonds and central bank bills, according to a Thursday report by the SCMP.

The financing facility is a constituent of the 800 billion yuan funding mechanism revealed by the central bank in September to inject liquidity into the stock market.

Investor sentiment also lies on edge, with high hopes for the announcement of further stimulus measures at a press conference by finance minister Lan Foan to take place on Saturday, according to the same SCMP report.

Financial institutions, who can take part in the swap facility, led the rally, rising to close the day's trade on a high note.

Ping An Insurance (Group) (HKG:2318, SHA:601318), China Life Insurance (HKG:2628), and New China Life Insurance (HKG:1336, SHA:601336) soared 6%, 5%, and 11%, respectively, at the day's close.

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