HK and mainland stocks post modest gains
Stocks in Hong Kong ended in positive territory before the National Day holiday on Wednesday as the Hang Seng Index rose 0.37 percent to close at 24,613 points while the Hang Seng China Enterprises Index rose 0.50 percent, and the Hang Seng Tech Index rose 0.10 percent. Up north, the Shanghai Composite index closed up 0.3 percent while the CSI 300 Index also rose 0.3 percent at market close. Despite the market posting modest gains, Chinese blue chips were stuck near one-year lows on Wednesday even after Beijing unveiled a series of credit and mortgage support steps on Tuesday. The latest measures are the nation's broadest and most powerful in two years, but were not as bold as the policies announced in September 2024 that included rate cuts and support for the stock market, said Duncan Wrigley, chief China economist at Pantheon Macroeconomics. "It won't solve China's structural imbalances, with sluggish domestic demand and high reliance on exports," Wrigley wrote in a note. The People's Bank of China lowered its one-year pledged supplementary lending (PSL) rate by 25 basis points to 1.5 percent to support infrastructure investment. Authorities also raised re-lending quotas for tech firms and small businesses, and, battling a long housing downturn, introduced...
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