Chinese banks rose after Central Huijin increased its stake in the big four state-owned lenders
孤独雁1
发表于 2023-10-12 15:34:29
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Industrial & Commercial Bank (Industrial & Commercial Bank of China, 1398.HK, 601398.SH), Bank of China, 3988.HK, 601988.SH, China Construction Bank, 0939.HK, 601939.SH) and Agricultural Bank of China (1288.HK, 601288.SH) both opened higher on Thursday, The move came after Central Huijin Investment, China's sovereign wealth fund, said it had increased its stake in the banks.
Shares of the four banks and others rose in mainland and Hong Kong trading.
In Hong Kong, China Construction Bank rose nearly 5.0 per cent, Bank of China 3.3 per cent and Industrial and Commercial Bank of China 4.3 per cent. In Shanghai, Zhejiang Shaoxing Ruifeng Rural Commercial Bank rose 5.5 per cent. Shares of Chongqing Rural Commercial Bank (601077.SH) rose 3.0 per cent.
Central Huijin's stake increased to 64.03% from 64.02%, Bank of China said in a statement late Wednesday. In addition, Huijin's stake in ICBC rose to 34.72 per cent from 34.71 per cent, and its stake in China Construction Bank rose to 57.12 per cent from 57.11 per cent.
Hopes of government stimulus measures to boost consumer confidence and spending have boosted stock indexes in China and Hong Kong in recent sessions.
China is already facing slowing economic growth amid a persistent slump in the property sector and weak exports and consumer demand. Despite recent signs of a rebound, many believe the Chinese government needs to do more.
'The root causes of China's current economic woes are more structural than cyclical and require far more than stimulus,' Nomura said in a report Thursday.
Nomura said the optimal policy mix would be a combination of measures to boost aggregate demand, allocate capital efficiently, and boost private sector and foreign investor confidence.
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