Tiger Brokers, a leading online brokerage firm in China, saw its stock price surge by 9.83% on September 24, 2024, driven by a broad rally in Chinese financial stocks. The rally was sparked by the People's Bank of China's announcement of a sweeping stimulus package aimed at countering the waning economic outlook and restoring market confidence.
The Chinese central bank unveiled a series of measures, including a reduction in the reserve requirement ratio to its lowest level since at least 2020, as well as a cut in the main short-term interest rate. These moves are expected to provide much-needed liquidity to the financial system and support lending activities.
Additionally, the stimulus package targeted the beleaguered property market, with measures to lower overall mortgage costs and ease rules for second-home purchases. This move is expected to benefit financial institutions like Tiger Brokers, which provide services to investors and homebuyers in the real estate market.