Mainland shares open higher while HK stocks slip
Chinese stocks made modest gains on Wednesday, finding some support from Beijing's latest package of targeted credit-easing measures which were announced late on Tuesday. The benchmark Shanghai Composite Index was up 0.23 percent to open at 3,839 points while the Shenzhen Component Index opened 0.44 percent higher. Among the measures announced, the People's Bank of China said it would cut the…
Chinese stocks opened higher on Wednesday, buoyed by Beijing's latest batch of targeted credit-easing measures unveiled late Tuesday. The Shanghai Composite Index climbed 0.23 percent to a fresh opening of 3,839 points, while the Shenzhen Component Index edged 0.44 percent higher. Among the announced steps, the People's Bank of China pledged to cut the interest rate on its one-year pledged supplementary lending facility by 25 basis points to 1.5 percent from 1.75 percent.
This move aims to fund investment in crucial sectors like water, power grid, computing, telecommunications, and other infrastructure projects. However, China's top finance executive, Charles Wang of Shenzhen Dragon Pacific Capital Management, noted that while the policy direction is sound, the government has avoided a robust stimulus package, deeming the measures insufficient.
The local economy remains weak, with no signs of a recovery in property and consumption. In contrast, Hong Kong's Hang Seng Index slipped 129 points, or 0.53 percent, to open at 24,393.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
