The people's Bank of China lowered the one-year loan market quotation rate (LPR) for the second month in a row, with the latest cut of 10 basis points to 3.7%, in line with market expectations. In addition, the LPR for more than five years was lowered from 4.65% to 4.6%, the first drop in 21 months. Hong Kong stocks rose twice in a row. After a half-day high close of more than 100 antennas, the Hang Seng Index further extended its rise to 655 points or 2.7% in the afternoon. It is now reported as 24 points 723, with a sharp increase of 595 points or nearly 2.5%, with a total turnover of 115 billion yuan.
The Heng Biotechnology Index ended five consecutive declines, rising to about 4% in the afternoon and reaching as high as 5pj866, which now stands at 5j846, a sharp rise of 3.6%.
Only Lenovo Group Limited and 02018.HK fell 4 per cent and 11 per cent to RMB8.44 and Rmb28.55 respectively, while almost all of the rest rose by nearly 2 per cent or more.
Meituan (03690.HK) and Ming Yuan Cloud Group (00909.HK) rebounded 9.9% and 11% to 235.6 yuan and 18.76 yuan respectively, and are now trading at 233,18.46 yuan, up 8.7% and 9.6%. The share price of the former ended five consecutive declines.
BABA (09988.HK) ended five consecutive declines, and its share price surpassed 50 days and 10 antennas (127.6 yuan and 128.5 yuan), reaching as high as 130.8 yuan. It is now trading at 129.9 yuan, up 4.6%. Tencent (00700.HK) received a low offer of 442 yuan and made a U-turn to break the 20-day, 10-day and 50-day antenna, reaching a maximum of 470.6 yuan. It is now quoted at 468 yuan, a further increase of 5.8%. NetEase, Inc (09999.HK) and JD.com (09618.HK) rose for two days. The share price of the former surpassed 50 yuan (164.2 yuan), peaking at 169yuan, and is now trading at 168.1 yuan, up 4.5%. The latter shares are as high as 298.4 yuan, now at 297.6 yuan, up 5.8%.
Kuaishou Technology (01024.HK) ended three consecutive declines, and its share price surpassed Baiqiao (88.25 yuan), reaching as high as 90.3 yuan. It is now trading at 89.35 yuan, up 6.7%. 09626.HK ended its fifth straight decline, with shares challenging 10 antennas (304.6 yuan), as high as 306.4 yuan, and is now trading at 303.8 yuan, up 4.5 percent. Baidu, Inc. (09888.HK) rose three times in a row, and its share price rose more than 10 days and 100 antennas (150.6 yuan and 152.8 yuan), reaching as high as 157yuan. It is now trading at 156.4 yuan, up 5%.
Ping An Healthcare And Technology (01833.HK), Zhongan Online P&C Insurance (06060.HK) and JD Health (06618.HK) rose 4%, 5%, and the latter outperformed the stock price, which rose as high as 69.75 yuan (70.25 yuan for the temporary restriction of 100 antennas).