Hong Kong stocks set for third winning day as China signals more support after US$140 billion liquidity plan to lift confidence

Hong Kong stocks set for third winning day as China signals more support after US$140 billion liquidity plan to lift confidence

25 Jan Hong Kong stocks set for third winning day as China signals more support after US$140 billion liquidity plan to lift confidence

Posted at 02:44h in Asia by

Hong Kong stocks climbed for a third day from a 15-month low, after China ramped up economic measures to calm investors, following a market rout triggered by disappointment over its policy inertia.

The Hang Seng Index added 0.3 per cent to 15,939.22 at 9.55am local time, adding to the 6.4 per cent rally over the preceding two days. The Tech Index lost 1.2 per cent, while the Shanghai Composite Index rose 0.7 per cent.

Tencent advanced 1 per cent to HK$284.40, JD.com added 1.5 per cent to HK$91.75 and Baidu jumped 1.8 per cent to HK$107. AIA jumped 3.3 per cent to HK$64.95, while HSBC rose 0.3 per cent to HK$60.10. Longfor jumped 3.7 per cent to HK$9.22 and China Resources Land gained 2.4 per cent to HK$23.55, leading gains among mainland property developers.

The central bank on Wednesday said it would allow developers to pledge commercial properties for bank loans to repay other debts, easing funding restrictions. The move is in addition to the impending banks’ reserve-ratio cut on February 5 that will unleash 1 trillion yuan (US$140 billion) of liquidity into the financial system to spur lending.

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