Hang Seng Jumps 4.0% to Hit 19,000 Mark at Close
The Hang Seng Index surged 753 points, or 4.1%, on Tuesday, marking its largest one-day rise since at least February 6 and reaching a four-month high of 19,000 at finish, fueled by fresh stimulus measures from the People's Bank of China.
These included a 50bps cut in the reserve requirement ratio, a 20bps reduction in the seven-day reverse repo rate, a 30bps cut in the medium-term lending facility (MLF) rate, and a 50bps reduction in existing mortgage rates, along with lowering the minimum down payment for second homes from 25% to 15%. Gains were capped by reports of a potential US ban on Chinese car parts, but all sectors thrived, with increases ranging from 1.6% for property to 5.7% for tech.
ENN Energy Holdings surged 5.9% following plans to repurchase shares worth up to HKD 300 million, while HSBC Holdings rose 1.5% after signing a deal to sell a unit to BNP Paribas. Tech leaders Tencent Holdings and Meituan also posted strong gains of 3.6% and 5.0%, respectively. (ayu)
Source: Trading Economics
