Miracle day! A-shares SSE Index surged by 4.15%, while Hang Seng Index in Hong Kong rose by over 4%
A-shares surged across the board, with the Shanghai Composite Index up 4.15%, the Shenzhen Component Index up 4.36%, and the ChiNext Index up 5.54%. The total trading volume in the market approached trillions, reaching 974.8 billion yuan
Today, A-shares and Hong Kong stocks surged.
In terms of A-shares, the Shanghai Composite Index and the Shenzhen Component Index rose by over 4%, while the ChiNext Index surged by over 5%. The large financial sector saw a widespread rally, with more than 20 stocks such as TF Securities, COFCO Capital, Tianma Group, Ruida Futures, and Jinlong Shares hitting the daily limit up. State-owned enterprise reform concept remained active, with over ten stocks including Datang Telecom, Baota Industry, Shanghai Jiubai, Yatai Group, and Zhuolang Technology hitting the daily limit up. Individual stocks showed a general upward trend, with a total turnover of 974.8 billion yuan today. As of the close, the Shanghai Composite Index rose by 4.15%, the Shenzhen Component Index rose by 4.36%, and the ChiNext Index rose by 5.54%.
As for Hong Kong stocks, as of the time of writing, the Hang Seng Index's gain expanded to over 4%, while the H-share index surged by over 5%.
On the news front, Pan Gongsheng, Governor of the People's Bank of China, announced at a press conference on September 24th that the central bank will lower the interest rates on existing housing loans and unify the minimum down payment ratio for housing loans. This move aims to guide commercial banks to lower the interest rates on existing housing loans to levels close to those of new housing loans, with an expected average reduction of around 0.5 percentage points. The minimum down payment ratio for first-time homebuyers and second-time homebuyers will be unified, with the minimum down payment ratio for second-time homebuyers nationwide reduced from 25% to 15%.
Furthermore, Pan Gongsheng stated that the expected interest rate cut will drive the Medium-term Lending Facility (MLF) rate down by 0.3 percentage points, and it is anticipated that the Loan Prime Rate (LPR) and deposit rates will also decrease by 0.2-0.25 percentage points, maintaining an overall neutral stance on bank net interest margins